Egypt plans to issue international sovereign bonds in Q1 – minister

Egypt plans to issue new international sovereign bonds in the first quarter of next year, Finance Minister Mohamed Maait said on Tuesday.

Maait did not give the size of the planned offering but said the ministry was looking into the possibility of issuing the bonds other than the dollar and euro as it aims to open up new markets.

The bond issuance is the latest government measure aimed at reviving growth and investment that faltered in the wake of the 2011 uprising that ousted President Hosni Mubarak. The floating of the pound in 2016 and other measures such as reductions in fuel subsidies allowed Egypt to secure a $12 billion International Monetary Fund loan that has helped to restore some market confidence. Egypt also plans to raise up to 100 billion pounds ($5.7 billion) by selling minority stakes in at least 20 state-owned enterprises on the stock market.