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Egypt reopens $500m bonds

Egypt reopens $500m bonds

Egypt’s Ministry of Finance reopened existing international bond issues worth $500 million, with an average maturity of five years. The amount comprises $150 million in three-year bonds maturing in 2030 and $350 million in six-year bonds maturing in 2033. The ministry said it aims to reduce the external debt of budget-sector entities by around $1 billion to $2 billion a year, after cutting it by $2.4 billion in the last fiscal year, with repayments exceeding annual external borrowing. It also said it would diversify funding sources through international sukuk, social bonds and sustainable Samurai bonds.

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