Egypt approves second batch of $500mln Samurai bonds

Egypt has approved issuing a second batch of $500 million yen-denominated Samurai bonds with a five-year tenor by the Ministry of Finance, according to the Cabinet’s statement on Wednesday.

In March 2022, Egypt offered for the first time in its history and in the Middle East region international bonds denominated in the Japanese yen, Samurai currency in Japanese markets worth $500 million, equivalent to about 60 billion yen at the time.

It is worth mentioning that the North African country aims to overcome a local shortage of U.S. dollar liquidity and a financing gap estimated at $17 billion through 2026.