Egypt to issue $2-4 bln in eurobonds in Q1 2018: Minister

Ahram Online , Reuters , Wednesday 2 Aug 2017

File Photo: Finance Minister Amr El-Garhy at a news conference in Cairo, Egypt August 11, 2016. (Reuters)

Egypt has plans to issue between $2 billion and $4 billion in eurobonds in the first quarter of 2018, the country’s finance minister Amr El-Garhy told state owned MENA agency.

In statements to the agency, El-Garhy added that there were no more plans to issue more in the ongoing year 2017.

Earlier this year, Egypt sold $7 billion in five, 10- and 30-year bonds, making a comeback to the international market for the first time since the toppling of President Hosni Mubarak in 2011. 

Egypt has been negotiating billions of dollars in aid from various lenders to help revive an economy hit by political turmoil as well as facilitate a dollar cripplage that has incapicitated imports. 

On Tuesday, the Central Bank of Egypt (CBE) said the country's foreign reserves rose to $36.04 billion at the end of July, their highest since pre 2011 levels.  

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