Gas factory blast in China's Henan province kills two, seriously injured 18: State media    Blast at Kabul University kills eight, injures 33    After appointing new female judge, will Egypt see more women in courts?    Egypt's PM follows up implementation of Luxor's Corniche development project    Iran dismisses Trump report that US Navy downed "provocative" drone    Egypt's PM holds talks with UNIDO representative on developing industry    Egypt tells citizens that Saudi e-visa not meant for hajj    Rondon links up with Benitez at China's Dalian Yifang    Eriksen trains alone on Spurs pre-season tour    Arsenal's Emery talks up leadership role for Holding amid Koscielny doubt    Algerian team came to Cairo to win AFCON title: Djamel Belmadi    Egypt, Uzbekistan study establishing pharmaceutical plant    Nexign, Giza Systems agree to accelerate African telcos' digital transformation    Maintaining or starting exercise in middle age means longer life    Unbowed, U.S Trump intensifies attacks on 4 Democratic congresswomen    From Iraq to Yemen, drones raise U.S. alarm over Iranian plans    Air-to-air missile seized in Italy was sold 25 years ago: Qatar    NBE's mortgage finance portfolio exceeds EGP 7bn end-June    Belgium's Port of Antwerp to develop bunkering activity in Egypt    Sudan's military, opposition sign 1st part of power-sharing deal    Peace with Egypt must be made: Turkey's main opposition leader    King Tut's golden coffin undergoes first restoration since 1922 discovery    Changing dominant narrative of women on stage    Crude futures firm as U.S. stockpiles of oil products gain    IMF to hand Egypt's final tranche of $12bn July 24 – PM    Mainland Chinese markets fall amid renewed threat to trade    Explorations of music, sound, architecture of Islamic Cairo and everyday life    Farewell to Italy's best-loved writer Andrea Camilleri    Total of 59,455 expats in Egypt have undergone virus C screening    Parliament Speaker announces end of fourth legislative term    Renovation of Egyptian Museum to include installing new lighting, display systems    Kenya eyes partnership with Egypt's energy sector: Minister    Egypt's parliament starts new NGO law discussion    Egypt's parliament Oks new NGO law    Egypt's parliament's 5th convocation sessions to be aired live: Parliament speaker    Egypt's parliament approves new NGO law    4th convocation of parliament concluded    Cairo hosts 6th meeting of Egyptian-Sudanese military committee    Egypt prosecution releases transgender woman detained on terrorism related charges    Egypt inaugurates museum to honor late novelist Naguib Mahfouz    Egypt to sue following sale of $5.97mn Pharaoh Tutankhamun statue    Bookmakers expects Egypt's Mo Salah might miss the year's Ballon D'or award    Fired MP detained pending investigations over corruption charges    Egypt arrests founder of pro-Mubarak Facebook page – source    Egypt sees national population growth rate to halve before 2052    AFCON quarter-finals: Desert Warriors face Ivorian Elephants in early final    Orange Egypt removes Warda from ad campaign after harassment case    Hassan Shehata slams Egyptian team, EFA following AFCON exit    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Egypt aims to tap debt markets for up to $7 bln in new financial year
Published in Ahram Online on 25 - 06 - 2019

Egypt will tap debt markets for between $4 billion and $7 billion in the coming financial year starting in July and is in talks with the IMF about a non-financial deal to help entice investors, its finance minister said on Tuesday.
The country was considering all options for debt instruments, including sukuk, green bonds and Asian currency bonds, Finance Minister Mohamed Maait told Reuters on the sidelines of a conference in London.
“This time last year I said we would go for between $4 to $7 billion and eventually we went for $6.2 billion,” he said.
“Let me repeat what I said last year: between $4-7 billion (for this coming financial year). It depends on market conditions, demand and whether we can diversify to other instruments as we are hoping for green bonds, sukuk.”
The Egyptian parliament on Monday approved the government's budget for the coming 2019/2020 financial year, targeting a 7.2% deficit for the year and 6% GDP growth.
Now that the budget was approved, Egypt will start talks with banks in the first quarter from July to September about a potential bond issue, Maait said, adding that the period from November to February was the normal time for any issuance.
Depending on financial conditions, the country could also consider tapping finance from other sources, including the World Bank, African Development Bank, European Bank for Reconstruction and Development and European governments such as France and Germany, he added.
“In the Middle East, development partners find Egypt as somewhere to go for as other places have problems. Egypt needs funding for infrastructure and the development partners have the money,” Maait said.
Egypt signed a three-year, $12 billion loan programme with the IMF in late 2016, seeking to attract back international investors who pulled out after an uprising in 2011.
Maait said the government was in talks with the IMF about a new non-financial programme that could last around two years with a plan to reach a deal by October.
“It would give comfort to international investors and international institutions.”

Clic here to read the story from its source.