(Ecofin Agency) - Egypt plans to issue up to $20 billion of bonds denominated in foreign currency by 2022, a high-ranking official declared to the Egyptian website Entreprise, on October 9, 2018, under the condition of anonymity.

However, the source refused to detail the country’s plan or explain its vision for this important issuance. On the other hand, the source indicated that Egypt is planning the issuance of “Samurai” and “Panda” bonds in the coming 12 months and is actually leading a roadshow to present the $5 billion Eurobond that is to be issued in Q1, 2019 (according to Mohamed Maait, Egypt’s finance minister).

In addition, it was revealed that a tender process would be launched by the end of this month (October 2018) to select the investment bank which should manage the $5 billion issuance. The winning bank will be announced in November 2018.