Egypt’s Ministry of Finance raised up to €2B in dual-tranche eurobond on Monday recording the country’s first public bond denominated in euro.
The minister's statements came to encourage further enhancement of the American investments in Egypt.
In the glamorous bt100 Awards ceremony organized by Business Today magazine, Minister of Finance Amr al-Garhy was awarded for his contribution to the growth of the Egyptian economy.
Egypt succeeded in issuing Eurobonds worth $4 billion on three tranches; three, five and 30 years, according to the Ministry of Finance's statement.
Ministry of Finance said Sunday that the Tax Dispute Law succeeded to add LE 15.6 billion ($ 881.47 million) to the Egyptian treasury.
“Improvement of financial performance and the increase of the revenues, especially taxes’ revenues came with an improvement in the structure of public spending.” Al-Garhy added.
Foreigners’ investments in government treasury bills registered a new record high of about $18.849 billion at the end of October.
The latest development indicators prove that Egypt will witness an economic breakthrough by the end of 2018, said Minister of Finance Amr al-Garhy.