Egypt becomes first MENA country to issue ‘panda bonds’ in Chinese market for 3.5 bln yuan ...Egypt

EGYPT INDEPENDENT - Economy
Egypt becomes first MENA country to issue ‘panda bonds’ in Chinese market for 3.5 bln yuan
source : EGYPT INDEPENDENT ( Egypt ) () 113
Egypt has become the first nation in the Middle East and Africa to issue sustainable international “panda bonds” on the Chinese financial market, allocated to finance projects worth about 3.5 billion Chinese yuan – the equivalent of US$ 500 million. Egyptian Finance Minister Mohamed Maait announced that the ministry was able to obtain low pricing for bonds with a return of 3.5 percent annually for a period of three years, a better deal compared to the interest rates of the international US dollar bonds in light of global economic challenges. The minister said in a Monday statement that this type of issuance is characterized by being backed by a credit guarantee provided by international deve

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