Finance ministry launches promotion campaign of its int'l bonds in S.Korea

11 Oct 2018

Cairo: Egyptian Finance Minister Mohamed Mait launched on Sunday a pan-Asian roadshow to promote its international bonds in the South Korean capital, Seoul.

The promotion campaign will continue in November in several important Asian markets, topped by Singapore, Malaysia, Hong Kong, China and Japan.

Within the coming few weeks, a roadshow will also be launched in some European states, such as Italy, France, China and Japan.

The non-deal roadshow is meant to expand the investor base and increase liquidity levels for Egyptian securities in order to contribute to reducing the high yields required on government securities, thereby reducing the public debt burden, the ministry said in a statement said on Sunday.

During the campaign, the minister will review the latest economic indicators in view of the economic reforms carried out by Egypt, the statement said, highlighting the reforms' contribution to upping Egypt's international economic rating.

The statement said the budget deficit dropped 12.5 percent in the 2015-2016 FY and continued its downturn to reach 9.8 percent in the last fiscal year.

The ministry plans to further decrease budget deficit to 8.4 percent in the current fiscal year, the statement said.

The economic reforms have recently contributed to upping Egyptian expats' remittances by 21 percent to stand at $26.3 billion, the statement said.

The statement noted that tourism revenues skyrocketed by 68.2 percent to stand at $7.4 billion in the 2017-2018 FY.

The Suez Canal revenues ramped up by 15.4 percent to reach $5.7 billion.

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