CAIRO - 29 August 2022: Egypt is looking forward to issuing bonds in Chinese yuan - Panda worth more than $500 million, Minister of Finance, Mohamed Maait, stated Monday.
On the sidelines of a conference to present the financial performance indicators for the current fiscal year's budget, Maait added that Egypt is ready to issue sovereign sukuks of about $1.5 to $2 billion.
He stated that the international markets are not suitable at the present time in terms of liquidity and cost.
In March, the Ministry of Finance announced the return to the international bond markets, despite the repercussions of the Russian-Ukrainian crisis and the unprecedented global economic challenges it poses.
The Ministry of Finance stated that Egypt would thus be a leader in the Middle East in this field; as it is the first country to issue international bonds denominated in Japanese yen currency in Japanese markets.
According to the statement, Japanese multinational banking and financial services institution Sumitomo Mitsui Banking Corp will manage the transaction.
The yen-denominated five-year debt targets a yield of between 0.80 percent and 0.85 percent.