Egypt Issues Mena’s 1st Sustainable Panda Bonds at $500 MlnSource: www.export-egypt.com 10/16/2023, Location: Africa |
|
|
|
|
|
Egypt issued on Monday the first sustainable Panda bonds in the Middle East and North Africa at ¥3.5 billion ($500 million) with a yield of 3.5 percent over three years, according to a statement by the Ministry of Finance.
The recent bond issuance is guaranteed by international banks including the Asian Infrastructure Investment Bank (AIIB) and the African Development Bank (AFDB), said Minister of Finance Mohamed Maait. He noted that the issuance has been receiving high demand from Chinese investors. "This issuance serves as a new portal aiming to increase bilateral cooperation, share experiences, and facilitate opportunities to achieve sustainable development goals (SDGs) and Egypt Vision 2030," Maait commented. Egypt aims to reduce carbon emissions and promote using renewable and alternative energy sources, including green hydrogen, as part of its National Climate Change Strategy 2050. Earlier this week, Maait announced that Egypt has a financial gap ranging between $6 and $8 billion for FY2023/2024, which can be narrowed by issuing Samurai and Panda bonds. With a total external debt of $165.3 billion, Egypt has to pay $71.6 billion in debt service in the coming three years, including $29.23 billion in 2024. Egypt’s foreign assets deficit amounted to nearly $25.92 billion in August. The country seeks to collect $191 billion in annual US dollar revenues by 2026. |
|
|
Financials and Investment News in Egypt >> |
 |
|||||
|
Egypt >> 11/21/2024 - An International Monetary Fund (IMF) mission led by Ivanna Vladkova Hollar wrapped up in-person discussions with Egyptian authorities in Cairo regardi...
|
Egypt >> 11/21/2024 - The Engineering Export Council of Egypt (EEC) revealed that engineering industry exports increased by 25.6 percent from January to September, reaching...
|
|
Egypt >> 11/20/2024 - Prime Minister Dr. Mostafa Madbouly held a meeting this morning at the government headquarters in the New Administrative Capital with Mr. Chang Won Sa...
|
Egypt >> 11/20/2024 - Egyptian Prime Minister Moustafa Madbouly, with Mahmoud Esmat, Minister of Electricity and Renewable Energy Minister, and Sultan Al Jaber, UAE Ministe...
|
|
Egypt >> 11/20/2024 - Egypt and Australia have seen a significant surge in their bilateral trade relationship, with the trade volume increasing from $270 million in 2015 to...
|
Egypt >> 11/20/2024 - Egyptian Prime Minister Moustafa Madbouli chaired the Cabinet’s weekly meeting in the New Administrative Capital.
The Cabinet is set to add... |
| Egypt Oil & Gas 1 >> 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | 80 | 81 | 82 | 83 | 84 | 85 | 86 | 87 | 88 | 89 | 90 | |
