Egypt keen on advancing bilateral relations with Asia: Finance Minister

Egypt's Minister of Finance, Mohamed Maait, expressed the country's intention to strengthen collaboration with Asian partners in order to attract more investors to Egypt. He made this statement while participating in the Asian Financial Forum held in Hong Kong. 

 

Maait highlighted the government's willingness to explore the Asian financial market as a means to diversify funding sources and capitalize on available opportunities, ultimately reducing financing costs.

 

The minister emphasized the importance of international multilateral organizations in addressing financial challenges stemming from global economic crises. 

 

As part of Egypt's strategy to diversify its financing sources with a focus on the Asian financial market, the country issued the first green sovereign bonds in the Middle East and North Africa, valued at $750 million. 

 

Additionally, Egypt issued panda bonds in the Chinese financial market, specifically allocated to finance projects worth approximately 3.5 billion Chinese yuan, equivalent to $500 million. Egypt's successful return to the Japanese markets through the issuance of "Samurai" bonds worth $500 million.