Egypt aims to increase max amount of dollar bonds to USD7bn
20 Apr 2017
(MENAFN) Egypt will enhance the maximum amount of dollar bonds it can issue on global markets to USD7bn, while the present USD5bn cap will be lifted by up to USD2bn.
Accordingly, the Ministry of Finance was aiming to get extra financing in the face of an increase in interest rates on the local market and to enhance U.S. dollar reserves.
In Feb this year, Egypt’s central bank issued USD4bn from a Eurobond sale, raising twice as much as basically targeted and at lower yields than projected.
The country has also been seeking a variety of funding sources, from development loans to foreign grants and help, to plug its financing needs.