The Ministry of Finance is to issue ten year international bonds in Egyptian pounds compared to five year bonds issued earlier.  Morgan Stanley, HSBC, Egyptian National Bank and Banque Misr will undertake the circulation.

Minister of Finance Dr. Ghali said the bonds will be registered in the SEC under self Registration, allowing Egypt to issue bonds both in the local currency and in dollars within a week as opposed to the current three weeks it takes to issue bonds.  The offer stands provided the Ministry of Finance updates the economic data base such as GDP, inflation, the balance of payment figures, in addition to the delivery of the modified subscription booklet to the SEC for auditing and comment.

Ghali noted that a number of international institutions refuse to invest in unregistered bonds in the SEC where individuals are allowed to participate as opposed to the July 2007 bonds which are exclusively sold to insurance and pension funds, in addition to large financial corporations as a means of expanding the investors base.

Ghali explained that registration within the SEC sheds transparency and seriousness towards the exporting country where relevant political data are spread out on SEC spread sheets.

The issuance of bonds may be due in January 2008.

(source : Ministry of Finance)