IFC official sees Egypt’s first pound bond launch in 2024

Egypt is expected to issued its first Egyptian pound-dominated bond on the international market within 2024, said senior official at the International Finance Corporation (IFC) on Tuesday.

Sérgio Pimenta, IFC’s Regional Vice President for Africa, made his remarks during his visit to Egypt to meet with key government officials, private sector leaders, and development partners to find new ways to boost economic growth with Egypt’s asset monetisation programme.

IFC, one of the financial arms of the World Bank Group, was appointed in June as a strategic advisor for the Egyptian government’s Initial Public Offering (IPO) to provide advisory services for Egypt’s privatisation programme.

The pound-denominated international bond will help Egypt secure foreign currency in the equivalent of the EGP bonds issued and expand the financial solutions available to the private sector.

Pimenta is visiting Egypt from December 17 to 19 to keep supporting the country’s development goals by increasing private sector engagement in the economy.