Egypt exploring possibility of issuing bonds in UAE, Indian currencies: Finance Minister
The Egyptian government is mulling over the possibility of issuing bonds for the first time denominated in Emirati dirhams, Indian rupees, and Hong Kong dollars.
The move is part of the ministry's pursuit of a diversified financing strategy, encompassing multiple markets, investors and financing tools.
In a statement to the Emirates News Agency (WAM) on the sidelines of the Asian Financial Forum in Hong Kong, the Egyptian Minister of Finance Dr Mohamed Maait highlighted ongoing talks with Christopher Hui, Hong Kong's Secretary for
Financial Services and the Treasury, with regard to prospects for issuing bonds in Hong Kong dollars.
The minister stated that these issuances contribute to diversifying the debt portfolio to include different markets and currencies and attracting worldwide investors at low financing costs. He underscored the recent issuance of green bonds worth $750mn and sovereign sukuk worth $1.5bn.
Maait emphasised the Egyptian government's keenness to boost cooperation with the UAE, especially in taxation, economic, financial, and investment fields, across all sectors.
He added that the Egyptian Ministry of Finance is also committed to smoothing any tax or customs hurdles Emirati businesses might face in Egypt. This effort is designed to encourage
Emirati entrepreneurs to expand their businesses, invest more, increase productivity, and make the most of the competitive advantages offered by available opportunities.
Regarding the size of Emirati investments in Egypt, Maait stated that more than 1,700 UAE companies are investing around $29bn in projects covering various sectors, including wholesale and retail, transport, storage, logistics services, financial sector, insurance, information and communication technology, real estate, construction, tourism, agriculture, and food security.