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| 03 October, 2017

Egypt plans to issue dollar-denominated Eurobonds in Jan-Feb

Egypt plans to issue dollar-denominated Eurobonds in Jan-Feb
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The dollar-denominated Eurobonds would be worth $3bln to $4bln and the euro-denominated issue around 1-1.5bln euros.

CAIRO - Egypt plans to issue dollar-denominated Eurobonds between January and February next year, followed by a euro-denominated issue later, Finance Minister Amr El-Garhy said on Tuesday.

The minister told reporters the dollar-denominated Eurobonds would be worth $3 billion to $4 billion and the euro-denominated issue around 1-1.5 billion euros.

Egypt has been negotiating billions of dollars in aid from multi-lateral lenders including a three-year, $12 billion loan programme from the International Monetary Fund to help revive an economy hit by upheaval since the 2011 revolt.

The minister also said tax revenues grew to 464.4 billion Egyptian pounds ($26.3 billion) in the fiscal year 2016-2017 from 352.3 billion pounds ($20 billion) a year earlier while total government revenues were 659.2 billion pounds for the year versus 491.5 billion a year earlier. ($1 = 17.6300 Egyptian pounds)

(Reporting by Arwa Gaballa; Writing by Patrick Markey; Editing by Raissa Kasolowsky) ((pat.markey@thomsonreuters.com; +201069699524; Reuters Messaging: pat.markey.thomsonreuters.com@reuters.net))

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