Egypt to Issue Bonds on Hong Kong Stock Exchange: Finance MinisterSource: www.export-egypt.com 1/28/2024, Location: Africa |
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Egypt is poised to issue bonds denominated in the local currency (Hong Kong dollar) on the Hong Kong Stock Exchange, Minister of Finance Mohamed Maait said on Saturday.
In addition to the bond issuance, the two parties have also agreed to sign an agreement to eliminate double taxation in 2024, Maait added during a meeting with Christopher Hui, Hong Kong's minister of financial services and treasury, on the sidelines of the Asian Financial Forum in Hong Kong. The meeting aimed at fostering stronger bilateral relations between the two sides and sharing valuable insights on navigating the challenges posed by global economic crises and geopolitical tensions. Furthermore, Maait emphasized Egypt's intention to leverage Hong Kong's expertise in boosting investment inflows and attracting more Chinese investments. This step forms part of Egypt's broader plan to secure $100 billion in direct foreign investments between 2024 and 2030, besides increasing the private sector's contribution to the economy from 60 percent to 90 percent during this period. Maait also highlighted the government's pursuit of a diversified financing strategy, encompassing multiple markets, investors, and financing tools to address inflationary pressures and bridge the country's financing gap. According to the International Monetary Fund (IMF), Egypt is projected to face a financing gap of $17 billion by 2026, with an estimated range of $6 to $8 billion during the current fiscal year, which concludes in June 2024. Egypt and China share a longstanding history of bilateral relations, dating back to the 1950s; the partnership between the two countries has seen a significant boost, particularly since Egypt's invitation to join the BRICS in August 2023. In October 2023, both countries signed a memorandum of understanding (MoU) for a debt swap to support development projects. Additionally, Chinese companies have expressed their intent to invest over $15 billion in renewable energy projects in Egypt. Furthermore, Egypt issued in October the first sustainable Chinese Panda bonds in the Middle East and North Africa, with a total value of ¥3.5 billion ($500 million) and a three-year yield of 3.5 percent. |
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