The Finance Ministry issued $500 million worth of yen bonds, also known as Samurai bonds, as it attempts to diversify funding to overcome economic challenges promoted by the outbreak of Ukranian-Russian war.

Egypt is the first country in the Middle east region to issue yen bonds.

Japanese multinational banking and financial services institution Sumitomo Mitsui Banking Corp will manage the transaction.

The yen-denominated five-year debt will target a yield of between 0.80% and 0.85%.

In a statement, Finance Minister Mohamed Maait said the success to issue the yen bonds reflects Egypt’s strong comeback to international markets despite the current unprecedented challenges worldwide.

Egyptian issuance of Samurai bonds in the Japanese markets drew attention of many Japanese investors and this reflects their confidence in the Egyptian economy, he said.

Source: State Information Service Egypt