Egypt to sell around $5B in foreign currency bonds in coming months

Egypt’s plans to sell around $5 billion in foreign currency bonds in the coming months, the country’s finance minister said on Wednesday.

“We are going to sell bonds in the coming months in the market. It could be $5 billion plus or minus,” Finance Minister Mohamed Ma’it told reporters.

Finance minister said the government would evaluate the method of remaining state company sales in January after five share offerings planned before the end of this year.

“The five companies we decided to work on, we decided to see how it would go,” Finance Minister Mohamed Ma’it said, adding that Egypt would then see whether it could work with strategic investors for further sales.

Egypt is so far dealing well with the consequences of emerging market turbulence, he said.

“Until now our economy is able to deal with the consequences of this negative effect,” he said.