Egypt plans to issue $500 green, development bonds by next FY: deputy finance minister

Egypt plans to issue green and development bonds worth more than $500 million within the next financial year, which starts in July, deputy finance minister Ahmed Kouchouk told CNBC Arabia on Monday.

The North African country regularly taps the international debt markets to finance budget shortfalls and expects a deficit of 6.6 percent in the financial year ending in June 2022.

Kouchouk also said he expects Egypt would witness a progress in the coming few weeks in its ongoing talks with the International Monetary Fund (IMF) over a new cooperation programme and additional financing in light of the huge pressures due the inflation wave and the Russia-Ukraine crisis.

“I expect there will be some progress in the coming few weeks in Egypt’s IMF negotiations especially after the government had revealed its plan to lower debt and increase private-sector participation in the development process.” Kouchouk said.