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Egypt Plans $1 Billion Eurobond Sale as Budget Gap Widens

Egypt plans to raise $1 billion by selling Eurobonds this year to diversify borrowing and finance a widening budget deficit after its economy was rocked by the worst political crisis in 30 years.

The five-year bonds will be backed by a U.S. “sovereign guarantee,” Finance Minister Samir Radwan said by telephone from Cairo today. “We should tap the market quickly. We need to diversify because the local market is squeezed.”