Arab Finance: The Egyptian government could issue $500 million worth of panda bonds in the Chinese market in the first quarter (Q1) of the upcoming fiscal year (FY) 2023/2024, Minister of Finance Mohamed Maait told Asharq Business on May 30^th.

The minister’s remarks came days after the African Development Bank Group’s (AfDB) board approved a partial credit guarantee of $345 million equivalent in Chinese Renminbi to Egypt to finance green and social projects.

The partial credit guarantee will enable Egypt to secure the equivalent of $500 million in the Panda Bond market, which are Chinese yuan-dominated bonds from foreign issuers.

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