Egypt is close to issuing its first yen-denominated bond in three years, Foreign Minister Badr Abdelatty told Reuters during a visit to Japan on Thursday. The bond sale, worth $500 million equivalent, would be Egypt's third Samurai bond issuance, following similar offerings in 2022 and 2023.
The African Development Bank (AfDB) announced in December that it would partially guarantee Cairo's planned Samurai bonds on the Japanese markets this year. Abdelatty confirmed that the final steps are being completed, and he has been promoting the sale and other investment opportunities while in Japan.
We had extensive discussions with our Japanese friends on monetary, fiscal, and financial support, especially with regard to budget support and Samurai bonds as well, Abdelatty said on the sidelines of an event in Tokyo.
Egypt's economy has faced significant challenges but has been bolstered in recent years by major real estate investments and an $8 billion loan from the International Monetary Fund (IMF). However, the ongoing conflict involving Iran has added pressure on Egypt's finances by increasing energy costs and driving up inflation.
Despite the impact of the Iran war, Abdelatty emphasized the importance of the bond sale. It will be very important, despite the fact that we have been hit hard with implications of the war, he stated.
