Cairo – Mubasher: Egypt’s Ministry of Finance (MoF) has issued dollar-denominated Eurobonds, including five-year, 10-year, and 30-year notes, worth a combined of $4 billion with significant yields.

This comes in light of subscriptions exceeding $21.5 billion following the issuance of the bonds in foreign markets, the MoF said in a statement on Wednesday.

The Eurobond sale has been successful despite the recent volatility in global markets that negatively impacted many indices in the developing and emerging markets, the ministry added.

This issuance will boost foreign investors’ confidence in the Egyptian economy and the economic reform programme, according to the statement.

The MoF added that the bonds sale has attracted over 250 foreign investors, mainly European and American investors.

Egyptian finance minister Mohamed Maait said that US dollar-denominated bonds have been oversubscribed by over five times.

For his part, the finance deputy minister said that the bonds’ proceeds will be used to finance the state’s general budget, noting that that the government is working on diversifying sources of finance.

The ministry pointed out that around 37% of investors participating in the sale were from the US and European investors took part in the sale by 46%.

Meanwhile, investors from the Middle East and North Africa (MENA) accounted for 13% and Asian investors made up 4% of Egypt’s Eurobonds sale, the ministry added.

This reflects foreign investors’ and global financial institutions’ confidence in the Egyptian economy.