Egypt to target $2-2.5 bln in roadshow this month- FinMin

Egypt’s finance ministry will set the week of Nov. 23 as a tentative date for beginning a Eurobond roadshow with a target size of $2-2.5 billion, Finance Minister Amr El-Garhy was quoted as saying in a research note by EFG-Hermes.

El-Garhy, who was speaking at a conference call late on Tuesday, said the bond will help bridge a projected funding gap of $32-34 billion over the coming three years.

Egypt also expects to receive $2.7 billion in aid from the International Monetary Fund as early as next week, part of a $12 billion loan package to help Egypt avert an economic crisis and halt a slide in its newly floated currency.

Egypt has been struggling to attract hard currency and revive its economy since a 2011 uprising that drove away tourists and foreign investors. Last week it floated the pound and reactivated its interbank trading market.

Source: Reuters