Egypt to renew US$2b financing deal

Cairo

EGYPT plans to renew a US$2 billion financing deal with international banks while also developing alternative sources of funding such as issuing dollar-denominated eurobonds, Finance Minister Amr El-Garhy said.

The repurchase transaction, which international banks offered to increase to US$5 billion upon its extension, will remain unchanged in size and probably in duration, Mr El-Garhy said, adding that the final details have yet to be confirmed.