Egypt seeks to secure Dhaman-backed $500M loan by end-2023
Updated 10/15/2023 7:22:00 AM
Arab Finance: Egypt is seeking to secure a $500 million loan from several banks before the end of 2023 in a deal that will be backed by the Kuwait-based Arab Investment and Export Credit Guarantee Corporation (Dhaman), Egyptian Minister of Finance Mohamed Maait told Asharq Business.
Maait reiterated that Egypt is aiming to borrow at least $1.5 billion, including the issuance of Panda bonds worth $500 million, before the end of the current year mainly by resorting to the Asian capital markets.
He noted that the country had attained guarantees of up to $545 million from the Asian Infrastructure Investment Bank (AIIB) and the African Development Bank (AFDB) to issue Panda bonds.
The country is also seeking to issue JPY-denominated Samurai bonds worth $500 million guaranteed by the Africa Finance Corporation (AFC), the minister said.
Maait pointed out that the financing expected from the debts will be added to the proceeds of the sale of state assets that are likely to be obtained from October to November.
In related news, Maait said in an interview with Al Arabiya that Egypt’s financing gap for the current fiscal year (FY) ranges between $6 billion and $8 billion.
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