Minister of Finance determines uses of Eurobonds proceeds

Minister of Finance determines uses of Eurobonds proceeds

FILE PHOTO: Egypt's Finance Minister Mohamed Maait gestures during a news conference in Cairo, Egypt July 17, 2019. REUTERS/Amr Abdallah Dalsh/File Photo







CAIRO – 9 February 2021: The recent issuance of Egyptian international bonds worth $ 3.75 billion will contribute to providing additional sources of financing for the budget, and part of the financing needs for the current fiscal year 2020-2021, Minister of Finance Mohamed Maait stated.

 

Maait added Tuesday that these bonds will also provide the required financing to deal with the crisis and repercussions of the Coronavirus pandemic, financing financial stimulus initiatives and the needs of the health sector, as well as financing social protection and human development programs.

 

He stressed that these bonds will also extend the life of the Egyptian government debt portfolio and reduce the average cost of government debt, which will contribute to improving the indicators of government debt sustainability and