Egypt initiates negotiations with India for rupee-denominated bonds: Finance minister

This move reflects Egypt's commitment to diversifying its external debt portfolio by exploring various international markets, Maait added.

He further outlined Egypt's strategic plan to expand its debt portfolio beyond conventional bonds, as it issued green bonds, Chinese Panda bonds, Japanese Samurai bonds, and sovereign bonds.

Explaining the rationale behind borrowing in the currencies of these specific countries, Maait cited China as Egypt's primary exporter, making it a logical choice for borrowing in Chinese currency to cover import operations.

Egypt has already established a presence in the Japanese market by issuing three yen-denominated bonds, with each issuance valued at $500 million, having the first bond released in March 2022, followed by subsequent issuances in August and November.

In October, Egypt issued its first sustainable Panda bonds in the Middle East and North Africa region, valued at ¥3.5 billion ($500 million) with a yield of 3.5 percent over three years.

Earlier in 2023, Egypt successfully tapped into the US market by issuing its inaugural US-denominated sovereign Islamic bonds, valued at $1.5 billion, which attracted a fresh base of investors from the markets of the Gulf Cooperation Council, Europe, and the US.