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27-05-20
Egypt allocates USD 5bn to overcome COVID-19 financial crisis
(MENAFN) On Friday, the Egyptian finance ministry announced that the country has provided an urgent financial backing in order to halt the growing consequences of the crisis caused by the COVID-19, where the government has allocated dollar-denominated Eurobonds worth USD5 billion.
Ahram Online quoted the ministry as declaring that the issuance was in three tranches with maturities of four, 12 and 30 years, and was largely intended to grant the
necessary liquidity to cover the needs of the forthcoming 2020/2021 monetary year.
Based on the ministerial statement, the releasing of the funding came as part of efforts to offer the required financing to deal with the rising consequences.
Just before the end of the issuance, payment orders had amounted to USD22 billion, with the subscription rising by at least four times, Finance Minister Mohamed Maait stated.
MENAFN2705202000450000ID1100230324
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