Maait explained that the government's intention to explore various bond issuances is part of its strategy to diversify funding sources, currencies, and markets, while also attracting a broader range of international investors.

Maait’s remarks came during an interview with the Emirates News Agency (WAM) during the Asian Financial Forum in Hong Kong.

Additionally, he mentioned that the government is also considering issuing bonds denominated in the Indian rupee, as well as bonds denominated in the Hong Kong dollar for listing on the Hong Kong Stock Exchange.

He said the government has recently issued green bonds worth $750 million and sovereign sukuk worth $1.5 billion for the first time.

Furthermore, Egypt has offered two tranches of Samurai bonds in the Japanese market, each valued at ¥75 billion (around $500 million), and introduced the first sustainable Chinese Panda bonds worth ¥3.5 billion (about $500 million).

Maait emphasized the government's commitment to implementing a diversified financing strategy that encompasses multiple markets, investors, and financing tools to address inflationary pressures and bridge the country's financing gap.

According to the International Monetary Fund (IMF), Egypt is projected to face a financing gap of $17 billion by 2026, with an estimated range of $6 to $8 billion during the current fiscal year, concluding in June 2024.

Meanwhile, Maait highlighted the joint efforts between Egypt and the UAE to expand cooperation frameworks and create new opportunities for collaborative projects, adding that over 1,700 Emirati companies have invested $29 billion across various Egyptian sectors.

Trade exchange between the two countries reached $4.9 billion in 2022, a 2.5 percent increase compared to 2021, with the UAE serving as Egypt's primary export destination, he indicated.

Egyptian exports to the UAE reached a record high of $1.9 billion in 2022, representing a 10.6 percent increase from 2021, while imports from the UAE amounted to $2.9 billion in 2022.

Egypt's objective is to attract foreign investment, particularly from Gulf nations, to aid in its economic recovery and fulfil its obligations under the $3 billion loan agreement signed with the IMF in 2022.

To achieve this, Egypt plans to offer 35 state-owned companies to strategic investors by the end of June through the government's IPO programme.

Maait disclosed earlier in January that the IPO programme has already attracted investments worth about $3.5 billion, with a target of reaching $5 billion by June.