Egypt plans to issue international bonds worth up to $7bn during the 2019-20 financial year which began 1 July, Finance Minister Muhammad Maait said this week on the sidelines of the Euromoney Egypt Conference in Cairo.
Though he also gave $3bn as the low range of potential issuance, presuming that $7bn proves nearer the mark fundraising for 2019-20 will be in line with the $6.5-7bn seen in each of the three year’s of Egypt’s $12bn three-year IMF program agreed in late 2016. This comes despite a sharp improvement in the country’s finances, with Egypt’s international reserves hitting a record $45bn at the end of August, according to the Central Bank of Egypt. (CONTINUED - 832 WORDS)
