Egypt is targeting US$9 billion in foreign financing in the 2017/18 fiscal year, Deputy Finance Minister Ahmed Kouchouk told Reuters on Wednesday. The financing will be divided between US$3 billion obtained from debt markets and US$5 billion to US$6 billion from international finance institutions, he said. Kouchouk said the US$3 billion from debt markets could come in the form of Eurobonds denominated in dollars or other currencies as well as Sukuk. He did not say when Egypt was likely to tap debt markets during the coming fiscal year, which begins in July. Egypt raised US$4 billion in sales of Eurobonds earlier this year at lower-than-expected yields, with demand for the bonds high.

Source: Egypt Independent March 22, 2017 14:26 UTC