Foreign holdings of Egypt's sovereign debt hit $ 15.8bln in February

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Cairo – Mubasher : Total foreign holdings of Egypt's sovereign debt reached $ 15.8 billion in February, the Egyptian finance minister said on Wednesday.

Foreign investors' confidence in Egyptian debt instruments, Mohamed Maait added in a statement.

This has been helped by the current surplus year, with international institutions expecting Egypt to maintain its primary surpluses for the next years, Maait stressed.

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The growing demand for the national sovereign debt is a result of a recovery in the Egyptian economy, he said, noting that international rating agencies would expect that economic growth would accelerate the improvement of all financial indicators.

The government is implementing legislation to ease tax and customs procedures to boost investor confidence in Egypt's treasuries, the minister highlighted.

Egypt seeks to cut borrowing cost through counting on Eurobond issuance instead of high-yielding domestic country debts.

Source: Mubasher

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