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With $4 Billion Bond Sale Done, Egypt Readies Euro Offer

  • Sale ‘ideally’ to take place in April, finance minister says
  • Egypt’s international bond sales help lower borrowing costs
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Egypt will begin approaching investment banks in a few days for a planned sale of euro-denominated bonds after successfully raising $4 billion from international debt markets to finance the budget deficit and bolster foreign reserves, Finance Minister Amr El-Garhy said.

The sale of 1 billion to 1.5 billion euros in notes will “ideally” take place in April, and Egypt wants European banks to manage it, the minister said in a phone interview. On Tuesday, the government received about $12 billion in offers for its dollar-denominated bonds, in what the minister described as a “vote of confidence” in the Egyptian economy.