Cabinet nods to IFC’s issuance of EGP-denominated bonds

Updated 8/20/2023 7:47:00 AM

Arab Finance: The Egyptian cabinet has ratified the Ministry of Finance’s proposed letter to the International Finance Corporation (IFC) to issue bonds in Egyptian pound in foreign markets, according to a statement on August 18^th.

The IFC’s issuance of the EGP-denominated bonds will shore up its investment portfolio in Egypt and ensure the availability of additional sources in foreign currency to finance the private sector.

Additionally, it will ease the pressure on the current sources as well as widen the scale of financing solutions in local currency and diversify the financing sources for the private sector.

Moreover, the Cabinet and the Board of Directors of the New Urban Communities Authority (NUCA) approved several requests respecting the allocation of some plots of land in favor of some companies via a US dollar sale system from abroad.

The approval includes plots in New Cairo, 6^th October City, Al Shorouk City, New Damietta, Badr City, and Obour City.

The cabinet has also endorsed a draft law on the seventh Structural Adjustment Facility between Egypt and the Arab Monetary Fund (AMF) to benefit from the available resources of international and regional financing institutions.

This, in turn, will provide the foreign exchange resources needed to support structural reform efforts in the banking and financial sector.

The cabinet has also approved a draft law on the sub-agreement between Egypt and Canada regarding the enhancement of climate-smart agriculture and agricultural biodiversity.

The agreement aims to boost vulnerable rural communities’ resilience to climate change in the Nile Delta and Upper Egypt.

Moreover, a draft law has been ratified with respect to the financing agreement inked with Asian Infrastructure Investment Bank (AIIB) to revamp Abu Qir railway line in Alexandria and transform it into an electric subway.

The cabinet also greenlit a temporary social insurance contract between the Ministry of Finance and Misr Life Insurance Company for the employees transferred to the New Administrative Capital.

Furthermore, it nodded to assigning advisory works respecting the New Alamein’s western waterfront plan to the consultancy firm Dar Al-Handasah, in addition to assigning the economic studies of the Hotel Operator Search and Selection to another advisory office.