Egypt to issue $2 bln in international bonds, roadshow in Nov

Egyptian Minister of Finance Amr El-Garhy (left), and Central Bank Governor Tarek Amer greet reporters before a press conference at the headquarters of the finance ministry in Cairo, Egypt, on Thursday, August 11, 2016. (AP)

Egypt will issue roughly $2 billion in international bonds, less than previously announced, and will begin a roadshow for the planned offering in the second or third week of November, Finance Minister Amr El Garhy said on Monday.

Egypt has been negotiating billions of dollars in aid from various lenders to help revive an economy battered by political upheaval since the 2011 revolt and ease a dollar shortage that has crippled import activity and hampered recovery.

Egypt said in August it planned to issue $3 billion to $5 billion in international bonds at the end of September.

Garhy told an American Chamber of Commerce event in Cairo that the bond was now likely to be marketed next month, and said later in the day that the amount would likely be lower than previously announced.

“We’re talking about $2 billion, give or take, but it will be in this range, depending on market circumstances,” Garhy said later on Monday during a television interview.

Last Update: Wednesday, 20 May 2020 KSA 09:48 - GMT 06:48