Egypt eyes securing up to $2bln external financing before end-2023

2023-09-08 01:44:52

Egypt is looking forward to securing new external financing ranging between $1.5 and $2 billion, including $1 billion by issuing Samurai and Panda bonds by the end of 2023, Minister of Finance Mohamed Maait said .

Maait noted that the Asian Infrastructure Investment Bank (AIIB) will provide a credit guarantee of around $230 million for Egypt’s anticipated Panda bond issuance.

In August, the Egyptian cabinet approved the issuance of five-year JPY-denominated bonds worth $500 million.

Earlier this year, it was reported that Egypt could issue $500 million worth of panda bonds in the Chinese market in the first quarter (Q1) of the fiscal year (FY) 2023/2024.