Egypt mulls over issuing green, Islamic, variable-yield bonds in FY20: Moeit

Daily News Egypt
1 Min Read
Finance Minister Mohamed Moeit

Egypt is considering issuing three bond offerings, including green, Islamic, and variable-yield bonds, during the current fiscal year (FY) 2019/20, Minister of Finance Mohamed Moeit said at a Monday press conference.

He added that his ministry has developed a plan to hedge against any possible crises or fluctuations in the emerging markets, “such crises which have led to $12bn T-bills outflows in the period from September to December 2018.”

The Minister of Finance emphasised that Egypt’s current situation and debt level are within the safe zone, in comparison to various emerging markets, “which reflected positively on the government’s ability to pay the costs of its debts regularly, indicating the state’s commitment to its pledges.”

Meanwhile, the Central Bank of Egypt (CBE) Governor Tarek Amer on Sunday said that the total US dollar inflows into Egypt amounted to $200bn during the past four years.

In November, Egypt sold $2bn worth 4, 12, and 40-year maturity US dollar-denominated Eurobonds in an issuance that went to the market on the Luxembourg Stock Exchange.

Noteworthy, Egypt’s external debt stood at $108.7bn at the end of FY 2018/19, according to the CBE.

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