Egypt issued $4 billions of eurobonds

Tue, 31.01.2017 14:12

Egypt successfully issued to the market $4 billion in Eurobonds. Economists point out that it is the largest financial transaction in Egypt and Africa for overcoming the budget deficit for the current fiscal year.

Finance minister Amr El-Garhy announced on Sunday at a press conference.

El-Garhy said that the bond issuance, which he referred to as “unprecedented,” eliminates the funding gap for the current fiscal year 2016-17 as well as a large portion of the upcoming fiscal year.

El-Garhy said that the ministry originally aimed to sell 2-2.5 billion in dollar-denominated Eurobonds, but raised it to $4 billion after the approval of four banks.

The bonds were listed on the Luxembourg Stock Exchange.

Four international investment banks — the French bank Natixis, Citibank, JP Morgan and BNP Paribas — were selected by Egypt last August to run the dollar-denominated Eurobonds.

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Source: africabusinesscommunities.com

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