Egypt Launches Eurobond Roadshow As It Looks To Drum Up $35bn Over Three Years

Cash-strapped Egypt continues its attempts to attract foreign investment to breathe life into its ailing economy. The IMF says Egypt requires $35bn in funding over the next three years but serious and painful reforms are needed.

Egypt faces three interlinked problems: an urgent balance of payments problem, rising public debt, and the long-standing issue of low growth and high unemployment the IMF says this week. This comes as Egypt launches its roadshow for a long-awaited $2-2.5bn Eurobond issue. The roadshow starts in the UAE, before moving on to the US and the UK where it is set to conclude on 24-25 January.

The issue, originally due to be launched last October, was postponed because of market volatility, Finance Minister Amr al-Garhy says. The roadshow, covering leading investment banks and funds, has the added aim of promoting Egypt to potential foreign investors, Deputy Finance Minister Ahmad Kojak says. (CONTINUED - 1704 WORDS)

DATA INSIDE THIS ARTICLE

chart Egypt’s Foreign Reserves Up $9bn On Mid-2016 Low After November Aid Deposits ($Bn, End Period)
chart Egpc’s Dues To Foreign Oil Operators ($Bn,End Period)