Egypt plans new Eurobond issue in Q3-FY2017/18: minister

Egypt plans to issue a new Eurobond in the third quarter of the current financial year, between January and March 2018, Minister of Finance Amr el-Garhy announced Thursday.

“The exact value of the potential issue is not known yet.” el-Garhy told Amwal Al Ghad.

Garhy said Wednesday that Egypt was considering a $4-$5 billion in international bond offering in the current financial year 2017-2018.

The country has sought a variety of funding sources to plug its financing needs as it pushes through ambitious economic reforms that include subsidy cuts and tax hikes as part of a three-year $12 billion IMF programme widely praised by economists and investors.