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Egypt expects to issue $1-$1.5bn international bonds in Q1 2015: Finance minister - Daily News Egypt

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Egypt expects to issue $1-$1.5bn international bonds in Q1 2015: Finance minister

Hani Kadry Dimian neither confirmed nor denied news that Egypt received $1bn in aid from Kuwait

Minister of Finance Hany Kadry Dimian. (DNE Photo)
Minister of Finance Hany Kadry Dimian.
(DNE Photo)

Egypt is studying tapping international bonds’ market during the first quarter (Q1) of 2015, issuing $1-$1.5bn bonds, Minister of Finance Hani Kadry Dimian announced Monday.

The duration and other details on the issuance are still under discussion and will depend on the best choice the market can offer, Dimian added.

The Ministry of Finance’s announcement came during a press conference with former US Secretary of the Treasury Jacob Lew.

Addressing whether or not the US will act as a guarantor for Egypt, Lew said that it will depend on many circumstances and the progress made in the economy.

A US delegation arrived on Sunday to Egypt to discuss the economic ties between the two countries.

“The US government is working closely with the US private sector to showcase the steps Egypt has taken to improve the investment environment, paving the way for private sector opportunities in Egypt,” Lew said.

Lew added that the US government will lead a mission headed by the chief of commerce to Egypt, in November, to closely follow up on the economic reforms.

Dimian said that he “can’t confirm” the circulated news that Egypt received $1bn aid from Kuwait. He added that when the government ratified the fiscal year 2014/2015 state budget, it did so without relying on additional financial assistance from other countries.

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