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Egypt says to issue $1.5bln sovereign bonds in June

Egypt says to issue $1.5bln sovereign bonds in June
Photo Credit: Arabianeye-Reuters

Egypt plans to issue $1.5 billion sovereign bonds in June, said Ashraf Salman, investments minister.

The government seeks second bond issue in September, Salman told journalists on the sidelines of a conference. However, Salman didn’t disclose the size of the issue.

"We need some help in the form of investments by participation in sovereign debt and infrastructure, and we will need supportive investments," added Salman.

"The budget deficit to GDP [Gross Domestic Product] was 15.2%, the poverty rate was about 25%, the GDP growth was below 2% and foreign reserves were deteriorating all the time. This was the case before the support of Gulf countries and the serious economic reform plan that was set by the Egyptian government," Salman said.