Egypt to issue $2 bln in international bonds, roadshow in Nov
Cairo has been negotiating billions of dollars in aid from various lenders to help revive economy
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.
Egypt seeks new markets, boosts security as tourism dropsEyes Chinese, German, Japanese, Ukrainian tourists to boost falling numbers Aviation & Transport
Egypt’s economy to miss government’s growth targetCountry has been struggling to stimulate its economy amid a severe shortage of dollars since 2011 Economy
US working with G7 countries to fund IMF Egypt programEgypt needs to arrange up to $6 billion in bilateral gap financing before the IMF board can approve the program and release an initial loan tranche of about $2.5 bln Economy
Egypt to gather additional $6bln required for IMF deal within 1-2 weeksEgyptian Finance Minister Amr El Garhy said on Monday his country would gather an additional $6 billion in bilateral funding Economy