Egypt to issue Eurobond by end of May: minister

Egypt plans on issuing international bonds by the end of May, Minister of Finance Hany Qadri announced Sunday during a meeting with investors.

In February, the finance ministry said it could raise as much as $2 billion through a Eurobond in 2015 as a means to fill the financial gap in the state budget.

Egypt's state deficit is projected to reach 11 percent in the fiscal year 2014/15, and is to be financed through local debt and petroleum shipments from the United Arab Emirates in addition to the international bonds.