Egypt Could Tap Global Bond Market After Political Transition: Minister

Egypt does not exclude tapping global bond markets to raise cash but is unlikely to do so before its election cycle is over, finance minister Hany Qadry said on Friday.

“We don’t exclude it but don’t expect to make a decision before the political transition is complete,” Qadry told an investment forum in London.

“We don’t exclude any tool that will help us finance ourselves. Our (credit default swaps) have come down quite significantly,” he said, referring to the cost of insuring the country’s debt against default.

He said the political transition would be complete after parliamentary elections later this year. The country will hold a presidential vote on May 26-27.

Source: Reuters