Cairo – Mubasher: Egypt’s Ministry of Finance is still receiving proposals from global investment banks in respect to its expected $3 billion dollar bond issuance program up to the end of the next week, said Deputy Finance Minister Ahmed Kouchouk
“The finance ministry approved to issue $3 billion dollar –dominated bonds at interest rate of 7.5%,” added Kouchouk.
Egypt aims to issue $3 billion to $5 billion in Eurobonds in the current fiscal year. The first issuance is planned for October, Prime Minister Sherif Ismail said earlier.
The government last sold Eurobonds in 2015, raising $1.5 billion. Since then, officials have postponed sales as Egypt’s borrowing costs soared.
