Finance Ministry auctions $4bn bonds at Irish bourse

The Finance Ministry announced Thursday auctioning dlrs 4 billion bonds at the Irish Stock Exchange.

The interest rate of the 1.360 million dollar bonds will be 4.62 percent annually and their maturity date on December 10, 2017.

The interest rate of the 1.320 million dollar bonds will be 6.75 percent annually and their maturity date on November 10, 2024.

The interest rate of the 1.320 million dollar bonds will be 7 percent annually and their maturity date on November 10, 2028.

Finance Minister Amr Garhy said the measure falls within the framework of the ministry's keenness on diversifying its resources for plugging state budget deficit.

Benefiting from a portion of the auctioned bonds, the Central Bank of Egypt (CBE) struck a 2-billion-dollar funding deal with international banks, a CBE statement said earlier Thursday.

Under the one-year deal, funds will be secured through selling and re-purchasing dollar-denominated bonds that were auctioned by the Egyptian Finance Ministry at the Irish Stock Exchange, the statement said.

The bonds' maturity dates are December 2017, November 2024 and November 2028, the statement added.

The deal is meant to up hard currency reserves at the CBE, the statement added.

The statement added that the agreement reflects international banks' confidence in Egypt's capability to proceed with the all-out reform program and develop national economy, especially after recent financial and monetary measures.