Egypt plans to issue Chinese yuan-dominated bonds: minister

Egypt plans to issue its Chinese yuan-dominated bonds, a step aimed to diversify funding for the economy and attract new investors, said Minister of Finance Mohamed Maait on Wednesday.

Maait announced the plans and his country’s interest in having cooperation with China to issue these bonds during his meeting with Chinese Ambassador to Cairo Liao Liqiang, according to a Cabinet statement.

In March, Egypt issued 60 billion yen ($493.3 million) in five-year samurai bonds on the Japanese market, becoming the first country in the Middle East to issue bonds in Japanese currency. It was Egypt’s first international offering since it devalued its currency by 14 percent against the dollar on March 21, prompted by the flight of foreign investors from Egyptian pound treasury bills due to the Russian war in Ukraine.

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