The International Finance Corporation (IFC) has just gained the Egyptian Cabinet’s approval to start issuing bonds in Egyptian pounds in foreign markets.
The IFC’s issuance of bonds in the local currency will benefit Egypt by increasing the IFC’s investment portfolio in Egypt and the availability of additional sources in foreign currency.
In addition, it will further contribute to expanding the range of financing solutions in the local currency offered and diversifying and encouraging the financing sources available to the private sector in Egypt.
Furthermore, the Cabinet also approved a draft decision regarding the Seventh Structural Adjustment Facility between Egypt and the Arab Monetary Fund, within the framework of continuous efforts to benefit from the available resources of international and regional financing institutions and provide the necessary foreign exchange resources to support structural reform efforts in the banking and financial sector.
