{"id":556179,"date":"2021-10-14T04:06:30","date_gmt":"2021-10-14T04:06:30","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/14\/the-egyptian-government-to-look-at-markets-again-in-feb-march\/"},"modified":"2021-10-14T04:06:30","modified_gmt":"2021-10-14T04:06:30","slug":"the-egyptian-government-to-look-at-markets-again-in-feb-march","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/14\/the-egyptian-government-to-look-at-markets-again-in-feb-march\/","title":{"rendered":"The Egyptian government to look at markets again in Feb, March"},"content":{"rendered":"

<\/a> EXCLUSIVE-<\/strong> How 2022 could be a big year for Egyptian debt, according to<\/strong> FinMin\u2019s <\/strong>Ahmed Kouchouk: <\/strong>Through a mixture of stimulus funding, tax breaks<\/a>, high interest rates, timely eurobond issuances<\/a>, and the adoption of new debt instruments<\/a> (namely, green bonds<\/a>), Egypt was largely shielded from from the heaviest macroeconomic blows of the pandemic last year. While GDP growth came in at just 3.6% in 2020 according to the IMF (pdf, see page 40)<\/a>, we outpaced the global economy (where growth came in at negative <\/em>3.1% in 2020) and our emerging market peers (where GDP contracted 2.1% in 2020), according to data from the IMF (pdf<\/a>).<\/p>\n

The landscape in 2021 is changing<\/strong>, however, as the world attempts a post-pandemic recovery. High inflation globally and here at home is adding new impetus to policymakers\u2019 push to taper stimulus and raise interest rates. The most prominent of which is the Fed, which hinted last month<\/a>that it could start to wind down its asset-purchase program in November and raise interest rates as soon as next year. This puts emerging-market debt \u2014 including ours \u2014 at risk of becoming less attractive<\/a> to foreign investors.<\/p>\n

In Part 1 of our exclusive interview with Vice Minister of Finance Ahmed Kouchouk<\/strong> we take a look at how Egypt\u2019s debt policy is adapting to the times. Below are edited excerpts of our conversation:<\/p>\n

Look to 1Q2022 for our next eurobond sale: <\/strong>Egypt will be looking to tap international debt markets again in February or March 2022, Kouchouk tells us. This comes on the back of Egypt\u2019s successful USD 3 bn eurobond sale last month<\/a>, which was 3x oversubscribed. Egypt\u2019s previous eurobond sale saw us net USD 3.75 bn and was 4x oversubscribed.<\/p>\n

\u2026and 2Q2022 for our maiden sovereign sukuk sale?<\/strong> While Kouchouk did not outright reveal the exact timing of when Egypt will kick off our first sovereign sukuk sale, he did state that we should be \u201cprocedurally\u201d ready to go some time in 2Q2022. The government is currently on track to complete the procedures required to issue sovereign sukuks under the new Sovereign Sukuk Act<\/a>, which include setting up the Sovereign Sukuk Company, a joint stock company to execute and manage sales.<\/p>\n

Size of the issuance is still a mystery: <\/strong>Kouchouk did not disclose how big our sovereign sukuk issuance would be, but Finance Minister Mohamed Maait had hinted earlier this month<\/a> that it could be in the range of USD 500 mn.<\/p>\n

Green bonds are so last year. Hello, development bonds: <\/strong>\u201cWe are currently in talks with banks and international institutions to expand the framework of our sovereign green bonds into more comprehensive development bonds,\u201d Kouchouk tells us. They include social bonds (bonds used to fund social infrastructure) and blue bonds (for water projects) and others. \u201cWe were encouraged to expand the framework after our success in the green debt market,\u201d which has grown globally to USD 300-400 bn, he noted.<\/p>\n

2022 could also likely be the year of the Fed\u2019s stimulus tapering. What can we expect?<\/strong> Should the Fed decide to raise interest rates, it could trigger some volatility in global markets in the medium term, Kouchouk said.<\/p>\n

Stay calm, and borrow on: <\/strong>Fiscally, we are in a good position to adapt to a decision by the US Federal Reserve and we should withstand any emerging market shocks and sellofs that could result from such a decision, Kouchouk noted. Our successful bond issuances, which have garnered plenty of interest from investors, have drawn enough inflows to cushion us from these shocks.<\/p>\n

But we must remain vigilant: <\/strong>\u201cWe\u2019re also constantly monitoring the potential effects of rising US rates on Egypt\u2019s borrowing costs as well as any indicators on when the Fed might proceed with its tapering,\u201d Kouchouk says. That is evident from the timing of last month\u2019s eurobond issuance, which followed the Fed\u2019s statement that it could wind down its asset-purchase program in November, he noted.<\/p>\n

How strong is this cushion? Foreign holdings of Egypt\u2019s debt currently sits at around USD 30 bn,<\/strong> Kouchouk tells us.<\/p>\n

And we can look forward to more inflows as a result of our inclusion in the JP Morgan and FTSE Russell indices<\/strong>, he noted. (More on that below.)<\/p>\n

When should we expect our debt to become \u2018Euroclearable\u2019?<\/strong> There is no specific date yet on when our bonds can be Euroclearable, Kouchouk says. Travel restrictions to Egypt had been the reason behind the hold up in the process. \u201cFor our part, we have completed all the procedures,\u201d Kouchouk continued. Last month, it was reported that the Finance Ministry will likely miss its target of making local Egyptian debt \u201cEuroclearable\u201d by November. The government was originally expecting<\/a> to have wrapped up technical discussions with Euroclear between September and November<\/a> but according to statements made by Finance Minister Mohamed Maait yesterday it may now have to wait until 2022.<\/p>\n

So, with all this borrowing, what does this mean for our debt reduction strategy?<\/strong> \u201cWe remain steadfast in reducing our debt service burden to 32% of our expenditures in the coming years from a current 38%,\u201d Kouchouk notes.<\/p>\n

IN PART 2, Kouchouk reveals what the Finance Ministry has in store for the private sector<\/strong>, from taxation policies, to export subsidies, to incentives and the Economic Reform Program 2.0. Be sure not to miss it.<\/p>\n","protected":false},"excerpt":{"rendered":"

EXCLUSIVE- How 2022 could be a big year for Egyptian debt, according to FinMin\u2019s Ahmed Kouchouk: Through a mixture of stimulus funding, tax breaks, high interest rates, timely eurobond issuances, and the adoption of new debt instruments (namely, green bonds), Egypt was largely shielded from from the heaviest macroeconomic blows of the pandemic last year. […]<\/p>\n","protected":false},"author":1,"featured_media":556180,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[782,7106,104,72,714],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-556179","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-ahmed-kouchouk","tag-debt","tag-economy","tag-enterpriseam","tag-euroclear","wpautop","entry"],"acf":{"mongo_id":"e057d921-0f82-4059-a155-a4a702146e2a","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/10\/154.jpg","photo_position":"above","related_issue":[556175],"teaser":"","voice_url":""},"yoast_head":"\nThe Egyptian government to look at markets again in Feb, March - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/14\/the-egyptian-government-to-look-at-markets-again-in-feb-march\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Egyptian government to look at markets again in Feb, March\" \/>\n<meta property=\"og:description\" content=\"EXCLUSIVE- How 2022 could be a big year for Egyptian debt, according to FinMin\u2019s Ahmed Kouchouk: Through a mixture of stimulus funding, tax breaks, high interest rates, timely eurobond issuances, and the adoption of new debt instruments (namely, green bonds), Egypt was largely shielded from from the heaviest macroeconomic blows of the pandemic last year. 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investment strategy, improving economic landscape to investors: Egypt is prioritizing investments in the transport, oil and gas, renewable energy, and manufacturing sectors, Finance Minister Mohamed Maait said in separate meetings with senior representatives from HSBC and Standard Chartered and unnamed foreign investors, according to a ministry\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":682098,"url":"https:\/\/enterpriseam.com\/egypt\/2026\/01\/04\/tax-facilitations-pull-egp-1-tn-into-the-formal-economy-says-kouchouk\/","url_meta":{"origin":556179,"position":1},"title":"Tax facilitations pull EGP 1 tn into the formal economy, says Kouchouk","author":"enterpriseam admin","date":"4 January 2026","format":false,"excerpt":"Finance Minister Ahmed Kouchouk discussed debt and tax in an interview with Hadret El Mowaten's Sayed Ali last night (watch, runtime: 16:41).Tax facilities are bringing cash into the light: The ministry\u2019s package of tax facilities is yielding early dividends in formalizing the economy, with over EGP 1 tn in previously\u2026","rel":"","context":"In "LAST NIGHT\u2019S TALK SHOWS"","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/2\/2649.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597203,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/18\/foreign-holdings-of-sovereign-egyptian-debt-at-usd-19-2-bn-mid-june\/","url_meta":{"origin":556179,"position":2},"title":"Foreign holdings of sovereign Egyptian debt at USD 19.2 bn mid-June","author":"enterpriseam admin","date":"18 July 2019","format":false,"excerpt":"Madbouly presents final FY2018-2019 figures: Egypt\u2019s economy grew 5.7% in the final quarter of the fiscal year 2018-2019, Prime Minister Madbouly said at a presser yesterday, according to a cabinet statement. The budget deficit recorded 8.2% of GDP, or EGP 431 bn, falling below the government\u2019s target of 8.4% for\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":668825,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/07\/22\/kouchouk-talks-up-tax-performance-and-debt-reduction-progress\/","url_meta":{"origin":556179,"position":3},"title":"Kouchouk talks up tax performance and debt reduction progress","author":"enterpriseam admin","date":"22 July 2025","format":false,"excerpt":"Tax revenues grew 35% y-o-y in FY 2024-2025","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/7\/1353.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":560055,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/14\/last-nights-talk-shows-on-14-february-2021\/","url_meta":{"origin":556179,"position":4},"title":"Last Night\u2019s Talk Shows on 14 February 2021","author":"enterpriseam admin","date":"14 February 2021","format":false,"excerpt":"The highlight of last night\u2019s talk shows: Kelma Akhira\u2019s Lamees El Hadidi\u2019s extensive chat with IMF Managing Director Kristalina Georgieva on the state of (and outlook for) the global economy, progress on vaccine programs around the world, and what the fund thinks Egypt is doing right and wrong. Tap \/\u2026","rel":"","context":"In "Enterprise+: Last Night\u2019s Talk Shows"","block_context":{"text":"Enterprise+: Last Night\u2019s Talk Shows","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":598497,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/27\/finmin-looking-to-narrow-egypts-financing-gap-to-egp-720-bn-next-fiscal-year\/","url_meta":{"origin":556179,"position":5},"title":"FinMin looking to narrow Egypt\u2019s financing gap to EGP 720 bn next fiscal year","author":"enterpriseam admin","date":"27 May 2019","format":false,"excerpt":"FinMin looking to narrow Egypt\u2019s financing gap to EGP 720 bn next fiscal year -Kouchouk: The Finance Ministry is working to trim EGP 100 bn off Egypt\u2019s forecasted budget deficit in FY2019-2020 to EGP 720 bn, Vice Minister of Finance Ahmed Kouchouk tells Al Shorouk. 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