Egypt to issue $1.5B int’l bonds by year-end: Minister
Minister of Investment Ashraf Salman - YOUM7

CAIRO: Egypt plans a second international bond issuance worth $1.5 billion as of the year-end or the beginning of 2016, a few months after the success of its first offer, Youm7 quoted Investment Minister Ashraf Salman Wednesday.

The International Monetary Fund sees the “successful” bond issuances in Egypt, as a sign of improving confidence.

“The government plans to raise $10 billion from international bond issuance over the coming period,” Salman told Youm7 on the sidelines of an economic conference Wednesday. However, the minister did not reveal further details or the timeframe for this issuance.

Finance Minister was quoted earlier on Wednesday as saying that Egypt will receive a $3-billion loan from the World Bank in installments over the next three years for budgetary support, Reuters reported.

Egypt’s net international reserves have fallen for three consecutive months to hit $16.3 billion at September-end, down from $18.1 billion a month earlier, the Central Bank reported last week.

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