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Egypt considers issuing bonds in Indian rupees worth US$500 million: Finance Minister

Egyptian Finance Minister Mohamed Maait said on Tuesday that his country is considering issuing bonds in Indian rupees next year, valued up to US$500 million.

In statements on the sidelines of participation in the activities of the COP28 conference held in  the UAE, he said that Egypt is also considering issuing a second “sukuk” tranche and issuing sustainability bonds ranging from $500 million to one billion dollars next year.

The International Monetary Fund confirmed its desire to increase the volume of financing provided to Egypt, he said, stressing that there is continuous communication and effort with the aim of completing the review soon.

The minister explained that there are LE824 billion in financing needs for the state’s general budget for the current fiscal year.

Egypt’s relationship with the International Monetary Fund is extended, he said, and there is serious work to complete the review, noting that the IMF has its own policy to determine loan scheduling mechanisms.


Green investments

Maait added in a statement on Tuesday that the initiative to convert part of the debts into a tool to confront climate change gives a strong impetus to green investments.

This in turn contributes effectively to confronting environmental challenges that have become one of the biggest obstacles towards comprehensive and sustainable development.

During his participation in the COP28 summit, the minister pointed out that the UAE’s announcement of establishing a fund worth $30 billion for climate solutions worldwide will contribute to bridging the climate financing gap and facilitating access to it at an appropriate cost.

He noted that it comes as part of efforts to find a common framework to confront the financing gap, in line with Egypt’s call during its presidency of the COP27 summit.

During his meeting with Sanjeev Gupta, Executive Director of the African Finance Corporation, on the sidelines of the climate summit, Maait stressed his keenness to maximize partnership opportunities with the African Finance Corporation in areas of national priority.

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