Egypt borrows $22 billion in just two years
Egypt has borrowed $22 billion from international markets in the space of only two years through Eurobonds issuance, making it leading issuer of foreign bonds in Africa, according to media.
"Egypt has been by far Africa's most prolific issuer of Eurobonds since the start of 2017, selling more than $22 billion of securities," Bloomberg reported on Monday.
The rate Egypt's issuance of Eurobonds is double Nigeria and South Africa's, even though they are the largest economies in Africa.
Following this, Cairo devaluated its currency and entered a $12 billion bailout program with the International Monetary Fund (IMF).
On Thursday, the North African country issued new bonds amounting to 2 billion euros ($2.25 billion) in six and 12-year euro-denominated bonds, The New Arab's Arabic service said on Monday.
In February, Egypt borrowed $2 billion From IMF, $4 billon through issuance of bonds as well as $1 billion in auctioning treasury bills.
Egypt relies heavily on foreign loans to safeguard its reserve of dollar, in addition to revenues from Suez Canal exports and Egyptian expatriates' transfers.
Standard & Poor's projects that Egypt's borrowing will total $28 billion in 2019, making it second largest borrower in the Middle East North Africa region, after Saudi Arabia.