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Egypt is returning to the global bonds market again this year and planning domestic retail bonds to fund projects and reduce public debt.
The plan includes issuing $2.-2.5 billion of international bonds in the second half of this year as part of a borrowing programme with a $4 billion ceiling, Egypt’s finance minister Ahmed Kouchouk said at a local bourse seminar in Cairo on Tuesday.
He said the restrained ceiling is designed to ensure debt sustainability and that the plan targets the reduction of the public debt by around $2 billion by the end of 2026.
“We are also planning to issue retail bonds which are confined to citizens and local investors…the plan is aimed at expanding the investor base and enhancing the participation of citizens in public bond investments…..it also aims to diversify the financing tools,” the minister said, quoted by the local media.
(Writing by N Saeed; Editing by Anoop Menon)
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