Cairo – Mubasher: Egypt will issue Eurobonds worth $3 billion to $4 billion as part of the country’s strategy to pay off debts through alternative sources of financing.
The country’s strategy regarding foreign debts, either from the International Monetary Fund (IMF) or international assessment firms, aims at keeping debts at secured levels, finance minister Amr El-Garhy added in an interview on MBC.
Interest rates on U.S. dollar-denominated bonds fell to between 1.2% and 1.6% for different dues, El-Garhy noted.
The minister further noted that issuing these foreign-currency bonds has nothing to do with the exchange rate.
In November, El-Garhy said that Egypt plans to issue two consecutive Eurobonds in the first quarter of 2018, starting from the end of January.
In October, the minister said that Egypt plans to issue U.S. dollar-denominated bonds at $3 billion, in addition to euro-denominated bonds at EUR 1 billion in 2018.
