Cairo – Mubasher: Egypt plans to offer Eurobonds worth $4 billion for sale in January, an official at the Ministry of Finance (MoF) told Bloomberg.
The MoF may approach investment banks and select one of them to manage and promote the anticipated sale, the source added, highlighting that “the amount and the timing [of the sale] would depend on market conditions”.
The Egyptian government is facing a financial gap of about $10 billion in 2017, and it is working on repaying most of its loans from international finance institutions.
On 2 August, Egypt’s minister of finance Amr El-Garhy said that Egypt will offer international bonds of $2 billion to $4 billion for sale in the first quarter of 2018.
On 9 August, El-Garhy stated that the budget deficit narrowed by 10.9% during fiscal year 2016/2017 from 12.5% in the prior year.
Egypt’s foreign debt amounted to $73.88 billion in FY16/17, compared to $53.44 billion at the end of the previous fiscal year.
