Egypt Minister of Finance expects to raise $2bn foreign funds before end of 2023

Egypt’s Minister of Finance Mohamad Maait said on Thursday that new additional finance – unlike the rollout programme – is expected to collect from $1.5 billion to $2 billion by the end of 2023, through the issuing of Samurai and Banda bonds.

Maait made his announcement during his interview with Asharq Business, noting that the Asian Infrastructure Investment Bank (AIIB) would provide a financial guarantee of about $230 million to support the issuance of the planned Banda bonds.

Maait’s remarks comes a week after the Egyptian Cabinet approved the issuing a new batch of $500 million Japanese yen-denominated Samurai bonds with a five-year tenor by the Ministry of Finance.