Deputy Minister of Finance for Treasury Affairs Mohamed Moiet said that the government intends to offer international bonds worth $3-4bn in the coming fiscal year.
In January, the government offered a package of international bonds worth $4bn on the Luxembourg Stock Exchange with different maturity periods of 5, 10, and 30 years.
Moiet told Daily News Egypt on the sidelines of the annual capital market summit that the Ministry of Finance plans to issue a Sukuk package worth over $1bn on the international market next year, pending the issuance of the Sukuk Law, which is now under preparation.
He expected the law to be issued in the fiscal year 2017/2018.
He pointed out that a similar offering was postponed in the current fiscal year when the law was delayed.
Moreover, Moiet said that the government is working to use non-traditional financing alternatives to fund major national projects, blaming the legislative environment for delaying that.
He added that Egypt is achieving unsatisfactory growth rates that are not commensurate with the population growth and unemployment rates, noting that improving the rates require increasing investment and exploring non-traditional financing alternatives.