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Egypt Back to Int'l Markets after Issuing Eurobonds worth $4 Billion
Source: 2/14/2018

Finance Minister Amr El Garhi said Egypt has successfully managed to return to international markets after it issued Eurobonds worth dlrs 4 billion despite the latest ups and downs in global money market.

Egypt issued five-year, 10-year and 30-year Eurobonds at 5.58 pct, 6.59 pct and 7.9 pct, respectively.

In a statement, Garhi said the bond issues attracted 12 billion dollars, adding that such bonds are meant to support foreign reserves.

Growing demands on Egypt's Eurobonds reflect foreign investors' confidence in the Egyptian economy thanks to the package of economic reforms the government began to apply and the appraisal of international financial institution of Egypt's economic performance, the minister said.

Garhi said the new bonds' dollar yields will be used to boost Egypt's foreign reserves while the pound yields will be channeled to finance activities of the State budget.

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