Arab Finance: Egypt is looking forward to raising $3 billion in financing, as of fiscal year (FY) 2023/2024 that started July 1^st, to bridge the US dollar gap and cut debt, Minister of Finance Mohamed Maait stated in a press conference on July 11^th.

The targeted financings are set to be secured through the issuance of new Samurai bonds, in addition to other various facilities, Maait added.

He also noted that the credit guarantee from the African Development Bank (AfDB) was unveiled, expecting Egypt to receive another guarantee from the Asian Infrastructure Investment Bank (AIIB) in infrastructure.

Moreover, he pointed out that the government targets reducing the debt-to-GDP ratio to 94% in FY 2024/2025 budget.

The Egyptian economy of Egypt has been greatly affected by the changes in the exchange rates as well as the interest rates, Maait stressed.

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