Egypt in talks to launch Indian rupee-denominated bonds – FinMin

Egypt has started negotiations with India to explore the possibility of issuing rupee-dominated bonds on the Indian market, Finance Minister Mohamed Maait said in a press conference on Wednesday.

“We have recently conducted talks with the Indian ambassador to explore the possibility of issuing Indian rupee-dominated bonds there,” Maait stated.

the minister said the move reiterates Egypt’s commitment to diversifying its external debt portfolio by exploring various international markets.

He further demonstrated Egypt’s strategic plan to expand its debt portfolio other than conventional bonds, as the North African country had issued green, Chinese Panda, Japanese Samurai, and sovereign bonds.

Last year, Egypt issued its debut three Japanese yen-denominated bonds, with each issuance valued at $500 million, having the first bond released in March 2022, followed by subsequent issuances in August and November.

In October, Egypt issued its first sustainable Panda bonds in the Middle East and North Africa region, worth at 3.5 billion yuan ($500 million) with a yield of 3.5 percent over three years.