Cairo – Mubasher: Egypt is looking to slash general debt to 72% to 75% of gross domestic product (GDP) by fiscal year 2021/2022, versus 98% currently, through a full-fledged strategy being prepared since August, a government source said.
The new strategy aims at diversifying sovereign debts and developing new financing instruments to reduce the general debt, Enterprise reported, citing the source.
The government is planning to issue green bonds and sovereign sukuk as two new instruments of finance in the North African country, he added.
He indicated that the government is also considering reissuing zero-coupon bonds with a maturity of a year and a half to help reimburse the current interests of debt.
Egyptian minister of finance Mohamed Maiit previously projected the issuance of green bonds prior to the end of the current fiscal year.
