Egypt eyes issuance of $500mln panda bonds in Chinese market
Egypt has completed all necessary procedures to issue panda bonds in the Chinese market at an expected value of $500 million, Vice Minister of Finance for Fiscal Policies and Institutional Reform Ahmed Kouchouk told Alarabiya News on August 30th.
The Ministry of Finance hopes to enter the Chinese market for the first time before the end of the current fiscal year, Kouchouk added.
Moreover, he referred to other financing alternatives, such as monthly issuance of local and international Sukuk and obtaining financing from international financing institutions.
Regarding the country’s negotiations with the International Monetary fund (IMF), he said that the IMF is a long-term partner that successfully concluded three programs with Egypt.
The talks with the IMF are positive, Kouchouk noted, adding that the value of the loan Egypt aims to receive will be determined in light of the negotiations.
Furthermore, he pointed out that Egypt seeks to get external financing of about $5 to 6 billion as per the planned budget for fiscal year (FY) 2022/2023.
The ministry is flexible in terms of setting the value of the external financing within the framework of extending the debt tenor and the current average term of external debt of 12 years, Kouchouk pointed out.