CAIRO – 28 January 2024:The Ministry of Finance of Egypt has announced plans to list EGP-denominated bonds on the Hong Kong Exchange (HKEX). This decision comes after both countries reached an agreement during the Asia Financial Forum, as stated by the finance ministry.
Finance Minister Mohamed Maait emphasized Egypt's strategy of diversifying financing sources by targeting the Asian financial market. The move to list EGP-denominated bonds on HKEX signifies the country's commitment to deepening cooperation with its Asian partners.
One of the key outcomes of the agreement is the mutual intention to eliminate dual taxation between Egypt and Hong Kong later this year. This development will provide a significant boost to bilateral trade and investment by reducing tax-related barriers and promoting economic cooperation.
Furthermore, both parties have expressed their commitment to knowledge transfer, exchange of expertise, and facilitating delegations in the fields of taxes and customs. This collaborative approach will enhance cooperation in these areas and foster closer ties between Egypt and Hong Kong.
Egypt's recent achievements in the global financial market have been noteworthy. Last year, the country issued the first green sovereign bonds in the Middle East and North Africa, raising $750 million. These bonds were specifically aimed at financing environmentally friendly projects, highlighting Egypt's commitment to sustainable development.
Additionally, Egypt has successfully tapped into the Chinese financial market by issuing panda bonds. These bonds, valued at approximately 3.5 billion Chinese yuan (equivalent to $500 million), have been allocated to finance various projects.