Egypt plans to issue international bonds denominated in dollars and euros during the fiscal year 2018-2019, which expires on June 30, the Egyptian finance ministry said on Monday.
The government plans to issue environmentally friendly bonds and international bonds in Asian currency for the first time, the ministry said.
In April last year, Egypt raised $ 2.46 billion from the sale of 8-year and 12-year euro bonds at 4.75 percent and 5.625 percent respectively.
The Finance Ministry said in a statement obtained by Reuters that it had selected Goldman Sachs, HSBC, JPMorgan and Citibank to manage the dollar-denominated bond issue. BNP Paribas, Standard Chartered, Bank of Alexandria and Natixis Management Euro-denominated bond issue.
The ministry added that it has chosen Tamimi Law Firm as a local legal adviser and Decret Office as an international legal advisor, as well as the use of Banque Misr and the National Bank of Egypt to assist in the planned projects.
Egypt's funding needs in the 2018-2019 budget amount to LE 714.637 billion, of which 511.208 billion are in the form of domestic debt instruments and the rest are external financing from the issuance of bonds and the IMF loan.
Egypt faces a difficult repayment schedule for next two years, trying to expand its investor base, extend its debt maturity and borrow less.
Egypt's foreign debt stood at 92.64 billion dollars at the end of June, up 17.2 percent year-on-year.
