Cairo – Mubasher: Egypt’s Cabinet approved the issuance of international bonds worth $7 billion, prime minister Sherif Ismail announced after the Cabinet’s meeting on Wednesday.
The Cabinet agreed on raising the Export Development Bank of Egypt’s (EBE) authorised capital to EGP 5 billion from EGP 2 billion.
This raise will be in accordance with the Central Bank of Egypt’s (CBE) requirements and the EBE’s strategic plan, which aims for growth of business volume over the coming period.
The Egyptian minister of finance Amr El-Garhy had previously said that Egypt is currently working on the preparation of an $8 billion foreign bonds programme, in coordination with global stock markets.
He further noted that Egypt will issue dollar-denominated bonds worth $3 billion to $4 billion, in addition to Euro-denominated bonds at EUR 1.5 billion.
