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Egypt is exploring possibility of issuing bonds in Emirati dirhams, Indian rupees: Finance Minister

January 30, 2024 12:09 PM IST

Egypt | Indian rupees | Dr. Mohamed Maait | Emirati dirhams | Indo-Egypt

By Vinod Kumar (UAE):

Egypt is considering the potential issuance of bonds denominated in Emirati dirhams, Indian rupees, and Hong Kong dollars, marking a novel approach to diversifying its financing strategy. This initiative, aimed at exploring multiple markets, investors, and financing tools, is in line with the government’s broader efforts to adopt a more varied financial approach.

On the sidelines of the Asian Financial Forum in Hong Kong, the Egyptian Minister of Finance Dr. Mohamed Maait highlighted ongoing talks with Hong Kong’s Secretary for Financial Services and the Treasury, with regard to prospects for issuing bonds in Hong Kong dollars. The Minister emphasized the importance of these bond issuances in broadening the debt portfolio to encompass diverse markets and currencies, attracting global investors at favorable financing rates. He also highlighted recent successful ventures, including the issuance of $750 million in green bonds and $1.5 billion in sovereign sukuk

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