Egypt is currently considering offering denominated bonds in Gulf currencies, according to Egyptian Finance Minister Mohamed Maait's statements today at the Hapi newspaper conference titled Investing in Potential Energies.

Maait added that “a study to issue bonds in Gulf currencies during the coming period [is needed], but this requires coordination with advisors and lawyers, and the matter is not easy.”

In November 2023, Egypt successfully sold almost $500 million worth of 5-year Samurai bonds with an average annual yield of 1.5% into the Japanese market. Prior to that, Egypt also launched Panda bonds in the Chinese market also worth $500 million, with a return of 3.5% annually for 3 years.

The Egyptian Ministry of Finance is considering issuing bonds denominated in Indian Rupees, known as Masala bonds, at a value of up to $500 million next year, Maait had previously told media on the sidelines of COP28.

Maait said that it is looking to diversify its financing tools, markets, sources, and bonds and he also stated that he hopes to raise between $500 million and $1 billion through sustainability bonds in 2024. He also stated that the ministry has plans to issue another sukuk, panda and samurai bonds in 2024 but he didn’t specify more details.

The finance minister also stated that The Egyptian Cabinet would also announce today the completion of a significant deal within the government’s privatization program. Maait clarified that the Prime Minister would disclose the details of the government privatization plan in the coming period.