Egypt Is The First MENA Country to Issue Panda Bonds in China for 3.5 Billion Yuan
Egypt has become the first country in the Middle East and North Africa to issue sustainable international “panda bonds” on the Chinese financial market. The bonds are to be allocated to finance projects worth about 3.5 billion Chinese yuan – the equivalent of US$ 500 million.
In light of global economic challenges, it is a better deal compared to the interest rates of the international US dollar bond. As Egyptian Finance Minister Mohamed Maait announced, the ministry was able to obtain low pricing for bonds with a return of 3.5 percent annually for three years.
