Egypt receives $70B on its int’l bond issuance

CAIRO - 11 December 2019: The volume of international bond issuance put up by Egypt amounted to about $20 billion, in light of the developments recently witnessed by the economy, Governor of the Central Bank of Egypt Tarek Amer said Wednesday.

Amer added in his speech at the Egypt-UAE Business Forum that the volume of requests received on these issues reached nearly $70 billion. He said that confidence in the Egyptian economy increased significantly during the last period, which was demonstrated by the demand for international issuances, the last of which was the launch of bonds for a period of up to 40 years.

Amer continued that the key to attracting investment is solving the liquidity crisis, transferring profits and providing complete freedom when it comes to financial flows.

The CBE governor explained that Egypt's growth rate is one of the highest in the world, which attracted investment. Amer stressed that the economic reform program led by President Abdel Fatah al-Sisi pushed the economy forward and contributed to its growth and development.

In another context, Amer pointed out that banks in Egypt now give returns on the rights of shareholders, at rates ranging from 30 to 40 percent, and sometimes reaching 50 percent. “These returns give a positive message about investment opportunities in Egypt, and contribute to easily increase money flows to the banking sector,” he stated.