Egypt considers issuance of $500mln Masala bonds in 2024

Minister of Finance Mohamed Maait told CNBC Arabia on December 4th

Staff Writer, Arab Finance

December 5, 2023

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Egypt is considering issuing bonds denominated in Indian Rupees, known as Masala bonds, at a value of up to $500 million next year, Minister of Finance Mohamed Maait told CNBC Arabia on December 4th.

Moreover, the North African state is mulling over the issuance of a second tranche of sukuk as well as sustainable bonds worth between $500 million to $1 billion in 2024, Maait remarked.

The minister also said that the International Monetary Fund (IMF) confirmed its interest in increasing the amount of financing provided to Egypt, stressing on the continuous efforts to complete the review of the country’s program soon.

Maait also highlighted that Egypt needs about EGP 824 billion in the current fiscal year’s budget, adding that the IMF has its own policy to determine loan rescheduling methods.

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