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Thursday, 14 March 2019

Egypt to kick off Asia, Gulf roadshow for investments, fresh debt issuances

EXCLUSIVE- Gov’t to kick off Asia, Gulf roadshow to drum up investment, support coming debt issuances: The Madbouly government is heading to Asia and the Gulf next week for a roadshow to drum up interest in Egypt’s upcoming debt issuances and to promote Egypt as an investment destination, a senior government official tells Enterprise. The roadshow will include meetings with a number of investors to discuss Egypt’s plans for its maiden issuance of a sovereign sukuk (a form of Islamic bonds). Our sources had previously told us that the issuance could be worth USD 1-1.5 bn and could go to market in FY2019-20.

Background: The potential sukuk issue is part of the Finance Ministry’s plan to deploy new debt instruments as it tweaks the mix and tenor the funding at its disposal. Other tools under consideration include green bonds and returning to zero-coupon bonds. The ministry is planning to sell up to USD 7 bn in foreign-currency bonds in 1Q2019, and more USD- and EUR-denominated bonds by the end of 2Q2019, Minister Mohamed Maait had said in January.

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