Egypt plans to issue Chinese Yuan-dominated bonds

Maait made his comments during a meeting held with China’s Ambassador to Cairo Liao Liqiang in the ministry’s headquarters in Cairo.

He explained that the measure will target diversifying financial instruments and resources, attracting new investors, and reducing the costs of development investment financing.

In a bid to diversify its financial resources and debt financing instruments, Egypt adopted a strategy of expansion in bond issuances that target new investment bases.

In March, Egypt issued Yen-dominated bonds that target the Japanese market with a total of $500 million — the first of their kind in Egypt and the Middle East.

Moreover, the country is ramping up for issuing its first Islamic bonds (sukuk) with a total of about $2 billion.

In 2020, Egypt issued its first green bonds — the first of their kind in the MENA region — with a total of $750 million in both the Egyptian market and the London Stock Exchange (LSE).