Egypt eyes up $2-2.5 bln in roadshow starting this week - Finance minister

Sunday 15-01-2017 01:05 PM

Egypt's Finance Minister Amr El-Garhy attends a news conference in Cairo, Egypt August 11, 2016. Picture taken August 11, 2016. REUTERS/Mohamed Abd El Ghany

CAIRO, Jan 15 (Aswat Masriya) - Egypt is targeting a Eurobond issuance of $2 billion to $2.5 billion when it begins its international roadshow this week, Finance Minister Amr El Garhy said on Sunday.

“The roadshow would begin on Tuesday in Dubai and then move on to the United States and United Kingdom,” Garhy said.

He added that it is expected to end on Jan. 24 or 25.

Egypt had planned to begin a Eurobond roadshow on Nov. 23 before postponing the issuance of $2-2.5 billion in international bonds until mid January due to market volatility.

Garhy had previously said that Egypt might seek to raise around $6 billion from international bond sales through 2017.

Another batch of dollar-denominated Eurobonds will be issued in the second half of 2017, the minister previously revealed. 

Egyptian authorities have been seeking to boost foreign reserves since abandoning currency controls in November in a bid to secure a $12 billion three-year loan from the International Monetary Fund.  

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