IslamicFinance.de

Egypt will approach investment banks soon to advise on a planned international bond issuance to raise between $3 billion and $7 billion by June 2020. The new offering could include Egypt’s first Panda, Samurai, Sukuk and green bonds as well as euro- and dollar-denominated bonds. Khaled Abd Elrahman, the Egyptian Deputy Minister of Finance, said that the so-called request for proposal is being prepared and will be sent to banks imminently. Egypt was able to return to global bond markets in 2017, lowering its borrowing costs overseas as domestic rates soared amid a far-reaching economic reform programme. The government is now seeking to vary its instruments and gradually move toward longer-term credit to reduce the burden of debt. Finance Minister Mohamed Maait said that foreign holdings in Egypt’s Treasury bills and bonds currently stand at about $20 billion.