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The Egyptian Ministry of Finance has selected a syndicate of five banks – Natixis, JP Morgan, Morgan Stanley, Citi, and BNP Paribas − to lead-manage Egypt’s planned $1.5bn sovereign Eurobond issue to be marketed in the US, Europe and the Gulf during a period not exceeding four months. National Bank of Egypt and National Bank of Abu Dhabi will also participate as co-arrangers in the marketing of the sovereign debt, the ministry says.
The ministry said that the time is now opportune to tap the Eurobond market, as risks for the investment climate in the Egyptian economy have eased. In February the IMF said that the Egyptian economy had begun to turn the corner and recorded improved performance as a result of structural and monetary reforms (MEES, 13 February). Later in March the international business community gave the country its nod of approval at the Egypt Economic Development Conference with pledges of new aid and multi-billion dollar investments and projects (MEES, 20 March).
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