Egypt will offer $3-7bn in treasury bonds (T-Bonds) for foreign investors over the next period, targeting European and Asian markets, the Minister of Finance, Mohamed Moeit, told Daily News Egypt during the Euromoney conference on Monday.

The planned T-Bonds include Green, yen-denominated Samurai, and Chinese renminbi-denominated Panda bonds, and all the bonds will be issued through Euroclear, Moeit added.

He informed DNE that there will be a pan-Asian roadshow to promote the international bonds.

I am sure it will get more than the required amount of money because of foreign investors trust in the Egyptian economy. LastFebruary, we decided to offer $2.5-3bn and within the first 30 minutes of the offering we got the required amount of money, and by end of the day, we got $21bn, but we decided to approve only what we need which was $3bn, the minister highlighted.

On the other hand, the ministry recently transferred the first portion of the needed financial package for the Sovereignty Fund, out of total EGP 1bn for the full fiscal year (FY) 2019/20.

The funds CEO is selected, yet the final approval of his name will be announced within one month, as well as the structure of the fund, then it will soon become operational, the minister shared.

The initial public offering (IPO) programme is well implemented. The government will offer any of the state-owned companies this year whenever it is suitable, in order to ensure the efficient management of companies, the minister added, asserting that foreign investors trust Egypts economic future.

From October to December 2018, we faced a lot of challenges including the crisis of the emerging markets, the crude oil prices fluctuations,in addition to huge challengesand external shocks that led foreign investors to withdraw $10bn from Egyptian banks, yet we were and will continue to be in a very strong position as we successfully managed to find solutions to this these issues, the minister explained.

Foreign investors trust the Egyptian economy because the government is committed to the stability of the policies, the minister affirmed.

2019 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).

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