Cairo – Mubasher: Egypt’s Ministry of Finance is reconsidering the issuance of EGP-denominated bonds in the international market, government sources told Enterprise.
The size and timing of the possible issuance have not been determined yet, but sources noted that the issuance may take place by early 2020 based upon market conditions.
According to the plan, investors will buy the bonds in US dollar, while the Egyptian government will repay the principal and interest in Egyptian pound.
In 2018, Egypt put plans to issue bonds on hold following an emerging market sell-off.
At the end of the first quarter of 2019, Egypt’s external debt went up 9.9% to $106.2 billion from $96.6 billion at the end of 2018, according to data released by the Central Bank of Egypt (CBE).
