Egypt will not offer international bonds until June-end

Egypt’s Minister of Finance Mohamed Maait said on Monday in an interview with CNBC that his country would not introduce international bonds or instruments until the end of June, unless the interest falls globally.

The minister also noted that new debt markets are currently being surveyed and we are exploring the possibility of entering Japan’s debt markets again after the earlier $500 million offering.

Asked about the downgrade of Egypt’s credit rating by international institutions, the minister hinted that there was a prejudice towards his country stressing that there was no obstacle to the exit of investors’ profits in foreign currency.

Maait concluded that around $23 billion in short-term investment (hot money) had exited the country within just six weeks since the start of the Russian crisis, stressing that his country has the capacity to meet the challenges.