CAIRO – Egyptian Finance Minister Mohamed Maeet has praised the issuance of 60 billion yen bonds, also known as Samurai bonds.
During a ceremony marking the issuance of the bonds Saturday, Maeet said this move culminates the ministry’s efforts to raise the efficiency of debt management, diversify financing tools, expand the investor base, and make use of available opportunities in global markets.
The bonds will contribute to reducing the cost of implementing development projects to create job opportunities and improve services provided for citizens, the ministry added.
Egypt is the first country in the Middle East region to issue yen bonds.
Japanese multinational banking and financial services institution Sumitomo Mitsui Banking Corp will manage the transaction.
The yen-denominated five-year debt will target a yield of 0.85%.
