192 Egypt is exploring the possibility of issuing bonds denominated in Emirati dirhams, Indian rupees, and Hong Kong dollars, marking a significant diversification in its financing strategies. This initiative, spearheaded by the country’s Ministry of Finance, aims to tap into multiple markets, attract a broader range of investors, and leverage diverse financial instruments. At the Asian Financial Forum in Hong Kong, Egyptian Minister of Finance Dr. Mohamed Maait disclosed ongoing discussions with Christopher Hui, Hong Kong’s secretary for Financial Services and the Treasury, regarding the potential issuance of bonds in Hong Kong dollars. Minister Maait underscored the importance of diversifying Egypt’s debt portfolio and accessing global investors at more favorable financing terms through bonds denominated in various currencies and targeted at different markets. In addition to these developments, Minister Maait highlighted the successful issuance of green bonds totaling $750 million and sovereign sukuk worth $1.5 billion. These endeavors demonstrate Egypt’s commitment to exploring innovative financing mechanisms while fostering collaboration with international partners. Emphasizing bilateral cooperation with the UAE, Minister Maait affirmed the Egyptian government’s dedication to facilitating trade, investment, and economic ties between the two countries. Efforts are underway to address any tax or customs barriers hindering Emirati businesses in Egypt, with the aim of encouraging entrepreneurship, boosting investment, and capitalizing on shared opportunities for growth. Regarding Emirati investments in Egypt, Minister Maait noted the significant contributions of over 1,700 UAE companies, which have invested approximately $29 billion (AED 106.5 billion) across various sectors. These sectors encompass wholesale and retail, transportation, finance, information technology, tourism, agriculture, and food security, reflecting the depth and breadth of economic cooperation between Egypt and the UAE. You Might Be Interested In WHO Issues Warning on Health Crisis in Sudan Meta Enhances AI Image Generation for Ads ‘Much better’ growth seen in 2nd half Gillette Venus Reveals Brand Ambassadors for Olympic and Paralympic Games Paris 2024 Best Buy Introduces AR Tech Exploration App for Apple Vision Pro Chemical industry eyes reaching $70 billion to aid TN’s $1 trillion vision