• The Egyptian government is actively considering issuing bonds in Emirati dirhams, Indian rupees, and Hong Kong dollars as part of a diversification strategy to broaden financing options and attract global investors, potentially resulting in reduced borrowing costs.
• Finance Minister Mohamed Maait disclosed this initiative at the Asian Financial Forum in Hong Kong, highlighting ongoing discussions with Hong Kong’s financial chief, Christopher Hui, regarding the issuance of bonds in Hong Kong dollars.
• Maait emphasized that these bond issuances aim to diversify Egypt’s debt portfolio, attract global investors at competitive rates, and cited recent successful offerings of green bonds totaling $750 million and sovereign sukuk worth $1.5 billion.

The Egyptian government is actively exploring the possibility of issuing bonds denominated in Emirati dirhams, Indian rupees, and Hong Kong dollars to expand its financing options and attract global investors, according to Egypt’s Ministry of Finance.

This diversification strategy is aimed at accessing new markets and currencies, potentially leading to reduced borrowing costs.

Finance Minister Mohamed Maait disclosed this potential move during the Asian Financial Forum in Hong Kong, mentioning ongoing discussions with Hong Kong’s financial chief, Christopher Hui, about issuing bonds in Hong Kong dollars.

Maait emphasized that such issuances would contribute to diversifying Egypt’s debt portfolio and appealing to investors worldwide at competitive rates. 

The minister pointed to recent successful offerings of green bonds totaling $750 million and sovereign sukuk (Islamic bonds) worth $1.5 billion.

The Finance Minister also highlighted Egypt’s commitment to strengthening cooperation with the United Arab Emirates, particularly in taxation, economic, financial, and investment domains across all sectors. 

He pledged to address any tax or customs obstacles faced by Emirati businesses operating in Egypt to encourage their expansion, increased investment, and enhanced productivity.

Underscoring the significance of Emirati investments in Egypt, Maait revealed that over 1,700 UAE companies have invested approximately $29 billion (AED 106.5 billion) across various sectors, including wholesale and retail, transport, logistics, finance, insurance, technology, real estate, construction, tourism, agriculture, and food security.