(Ecofin Agency) - Egypt just issued dollar-denominated Eurobonds, finance minister Mohamed Maait (photo) announced indicating that the deadline for international investment offers is late February 19, 2019.  

“We launched the operation this morning and bids will be received till the end of the day,” he said in a statement reported by Reuters.

The minister did not reveal the volume of this operation but according to local financial Al-Borsa, it is a $5 billion Eurobond.

Al-Borsa also revealed that those Eurobonds were issued on Luxembourg stock exchange.

Late January 2018, the Egyptian finance minister declared that his country was planning to start a Eurobond issuance programme to raise between $3 billion and $7 billion in Q1, 2019.

At the end of the 2017/2018 fiscal year, the country’s debt was $92.64 billion. Its borrowing needs to fund the external debt is estimated at $10.51 billion for the current fiscal year.