The collection of $1.5bn through the issuance of international bonds is expected by April, Minister of Finance Hany Kadry Dimian told Daily News Egypt on the sidelines of the conference marking the visit of the UK ministerial delegation to Egypt.
The minister previously announced that the issuance of the bonds will occur during the first quarter of 2015. Dimian pointed out that Egypt will issue the bonds without a guarantor.
“We are currently working on finalising the documents to issue the tender to decide who will manage the bond issuance,” the finance minister said.
In a November interview with Daily News Egypt, Dimian clarified that the market for issuance will be international, and not in just one market.
“We did receive some proposals to issue in specific regions, or for private issuance, but it is an opportunity to stimulate the market to pay attention to the Egyptian economy,” the minister said.
“The challenge that will face this issuance is that it’s the first in a long time, and we lack a yield curve to measure how the market will perform, Dimian added.