Egypt to Tour Asian and European Markets to Prepare For Global Bond Issue
Egypt has been implementing reforms and introducing laws in trials to draw investors after the drastic downslope that took place after the 2011 uprising. In more efforts to market international bonds, Egyptian officials are planning to launch Asian and European tours to market for them in a week, according to the Finance Minister, Mohamed Maait.
“The week after next, we will start promotional tours in the Asian markets, then Europe in preparation for issuing Eurobonds bonds,” Maait said at a business event in Cairo. He added that the Egyptian government has been seriously working on reinforcing the economic situation in Egypt with plans to reduce the public debt by 70% within four years.
Back in April, Egypt was able to raise $2.46 billion from the sale of 8-year and 12-year Eurobonds at 4.75 and 6.625 percent, respectively in addition to $4 billion in a dollar-denominated Eurobonds sale in February, in efforts to decrease the budget deficit and enhance the dollar holdings.
