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Egypt to issue $4-7bn Eurobonds, sukuk in FY19/20 – Minister

Egypt to issue $4-7bn Eurobonds, sukuk in FY19/20 – Minister
The finance ministry aims to offer green bonds and Islamic sukuk

Cairo – Mubasher: Egypt’s finance ministry plans to raise between $4 billion and $7 billion in fiscal year 2019/2020, the country’s finance minister Mohamed Maait told Bloomberg TV. 

The finance ministry aims to offer green bonds and Islamic sukuk, in addition to international bonds in Chinese and Japanese currencies, Maait added.

The ministry still awaits “the cabinet['s] approval for the green bond and instructions from the prime minister to consider the sukuk and […] infrastructure bonds,” he noted. 

Earlier in June, deputy finance minister for capital market operations Khaled Abdelrahman said that Egypt plans to launch international bonds in either the Chinese, Japanese, or South Korean currency.

According to FY19/20 budget, Egypt aims to issue the first green bonds locally to finance eco-friendly projects.

In February, the North African nation issued Eurobonds worth $4 billion with maturities of five years, 10 years, and 30 years.   

Egypt seeks to slash local borrowing cost through counting on Eurobond issuances instead of the country’s local high-yield debt.