The African Finance Corporation (AFC) intends to support Egypt’s next large international bonds issuance, whether by strengthening its credit position or by investing in bonds, according to AFC's Executive Director and Head of the Financial Services, Sanjeev Gupta, stated during an interview with Asharq Bloomberg.

Gupta hinted that discussions are underway between the institution and the Egyptian government concerning potential funding channels.

He mentioned that the institution is contemplating ways to assist Egypt, particularly in meeting the foreign currency balance requirements of the Central Bank, in light of the existing swap programs with the African banks.

The AFC is looking forward to investing in Egypt's technology, financial technology, industrial, and renewable energy sectors, he added.

Gupta referred to the Samurai bonds that were issued by Egypt in October and November, totaling $500 million. He highlighted that the AFC provided advice to Egypt's Ministry of Finance, recommending the selection of a Japanese bond to secure financing due to the favorable interest rates prevailing in Japan.

Earlier in November 2023, Minister of Finance, Mohamed Maait, stated that Egypt successfully sold ¥75 million (Japanese Yen) - close to $500 million - worth of 5-year Samurai bonds with an average yield of 1.5% into the Japanese market.

In October 2023, Egypt issued Chinese-yuan-denominated bonds called Panda Bonds worth a similar $500 million.