Cairo – Mubasher: Total foreign holdings of Egypt’s sovereign debt reached $15.8 billion in February, the Egyptian finance minister said on Wednesday.
Foreign investors’ confidence in Egyptian debt instruments has been boosted as the performance of state treasuries notably improved, Mohamed Maait added in a statement.
This has helped the country to achieve a primary surplus for the current fiscal year, with international institutions expecting Egypt to maintain generating primary surpluses for the next years, Maait stressed.
The growing demand for the national sovereign debts came as a result of a recovery in the Egyptian economy, he added, noting that international rating agencies anticipated that economic growth will accelerate amid the improvement of all financial indicators.
The government is implementing legislative policies to ease tax and customs procedures to boost investor confidence in investing in Egypt’s treasuries, the minister highlighted.
Egypt seeks to cut borrowing cost through counting on Eurobond issuance instead of the country’s domestic high-yield debts.
