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    Egypt-Economy

    Egypt's foreign investment records $15b since the flotation of EGP

    APA-Cairo (Egypt)

    Egypt's foreign investments in government debt tools recorded $15 billion since the flotation of the Egyptian pound in November, the Governor of the Central Bank of Egypt (CBE), Tarek Amer, announced on Wednesday.

    During the first day of the Financial Inclusion Conference which kicked off in Sharm El-Sheikh, Amer said the $2.7 billion currency swap agreement with China will be extended “soon”.
    He noted that he received offers from investment banks to raise the value of $2 billion bonds that Egypt issued, which will be collected in November, to $5 billion.
    Egypt has repaid $3 billion of its external debts, the governor added.
    The Ministry of Finance issued $7 billion in Eurobonds sales in January and May on the global bond market, which were both oversubscribed, as announced by the Ministry.
    Egypt will pump $2-4 billion dollars in international bonds during the first quarter of 2018, Finance Minister Amr El-Garhy said in July, highlighting that there is no plan to issue more international bonds in 2017. Moreover, the European Investment Bank has provided financing for Egypt worth around €8.2 billion ($9.8 billion) for more than 35 years, the bank said on Wednesday.

    The bank has financed several projects in Egypt, notably in areas of infrastructure and construction, vice president Dario Scannapieco further said during his meeting with Egyptian Trade minister Tarek Qabil. Scannapieco further noted that the bank had decided to direct its financing in Egypt to the micro, small, and medium-sized projects as part of the Economic Resilience Initiative, which aims to support vital projects, youth, and entrepreneurship.


    MR/afm/APA

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