Egypt to issue Eurobond by end of May: minister

Ahram Online , Sunday 19 Apr 2015

Aiming to raise $2bn to help reduce the state budget deficit, Egypt's government will issue international bonds starting at the end of next month

 Hani Qadri
Minister of Finance Hani Qadri (Photo: Al-Ahram)

Egypt plans on issuing international bonds by the end of May, Minister of Finance Hany Qadri announced Sunday during a meeting with investors.

In February, the finance ministry said it could raise as much as $2 billion through a Eurobond in 2015 as a means to fill the financial gap in the state budget.

Egypt's state deficit is projected to reach 11 percent in the fiscal year 2014/15, and is to be financed through local debt and petroleum shipments from the United Arab Emirates in addition to the international bonds.

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