Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) has approved the first short-term bond issuance programme at a value of EGP 2 billion for a securities brokerage company.

The issuance will be used to finance the company’s activities, the chairman of FRA, Mohamed Omran, said in a statement on Tuesday.

This will bring the total value of corporate issuances in Egypt, including securitisation bonds, to EGP 18 billion in 2019.

This move will help boost the efficiency of the Egyptian market through providing various financing instruments, Omran remarked.  

Short-term bonds are usually used to finance the working capital of companies, he noted.