Egypt to issue $3-4 bln int’l bonds: Minister

Egypt will issue international bonds worth $3-4 billion as part of the country’s strategy to pay off debts through alternative sources of financing, finance minister Amr El-Garhy said.

The country’s strategy regarding foreign debts aims at keeping debts at secured levels which are globally recognizable either from the International Monetary Fund (IMF) or international assessment firms finance minister Amr El-Garhy added.

Moreover, Interest rates on U.S. dollar-denominated bonds fell to between 1.2% and 1.6% for different dues.

The minister added that issuing these foreign-currency bonds has nothing to do with the exchange rate.

Last November, El-Garhy said that Egypt plans to issue two consecutive international bonds in the first quarter of 2018, starting from the end of January.

While, In October the minister said that Egypt plans to issue U.S. dollar-denominated bonds at $3 billion, in addition to euro-denominated bonds at EUR 1 billion in 2018.