Egypt seeks to collect $1.5 bln in external financing by year end

Ahram Online , Thursday 7 Sep 2023

The Egyptian government seeks to collect $1.5 billion in external financing before the end of 2023, Minister of Finance Mohamed Maait stated on Thursday.

Minister of Finance Mohamed Maait. (Photo: Al-Ahram)
Minister of Finance Mohamed Maait. (Photo: Al-Ahram)


The financing plan includes issuing $1 billion worth of yen and yuan bonds, Maait added in an interview with Asharq Business.

He revealed that the Asian Infrastructure Investment Bank (AIIB) will provide a $230 million guarantee on Egypt's yuan bonds.

At the end of August, the Egyptian Cabinet approved issuing a second batch of $500 million yen-denominated Samurai bonds with a five-year tenor by the Ministry of Finance.

The government periodically issues debt instruments to fund its budget deficit, which accounted for six percent of its GDP in FY2022/2023.

The country's debt-to-GDP ratio was estimated at 95.6 percent for the same year, when GDP stood at EGP 9.8 trillion ($318.23 billion).

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