Egypt Targets Two Foreign-Currency Bond Issues in Q1 2019

Egypt’s Finance Minister, Minister Mohamed Maait

Egypt Targets Two Foreign-Currency Bond Issues in Q1 2019

Egypt’s Finance Minister, Mohamed Maait on Monday said the country is aiming for at least two foreign currency bond issues in the first quarter of 2019.

He however declined to say exactly how much Egypt was seeking to raise. Previously, he had said the target was about $5 billion.

According to Maait on the sidelines of a business conference “It can go up, it can go down. It depends on the moment of decision making.”

Asked what currencies the bonds would be issued in, he said, “It can be two or more … in the next quarter, we are planning for the first quarter of 2019.”

Maait also said Egypt was aiming for economic growth of 5.8 per cent in the current financial year that ends in June and for at least 6 per cent in 2019-2020.

Also, the Deputy Finance Minister, Ahmed Kouchouk said Egypt was aiming to lengthen the average maturity on its debt to 3.5 years by the end of June from two years now.

Kouchouk said “The maturity of our debt has reached less than two years. We are aiming to increase it to 3.5 years by the end of the current financial year, and then increase it to nearly 5 percent in the medium term.”

Egypt’s foreign debt stood at $92.64 billion at the end of June. Its borrowing requirement for the repayment of external debt is $10.51 billion in the current financial year.

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