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Saturday, December 9, 2023

Egypt to Issue $500 million Samurai Bonds Backed by AFC

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Egypt is preparing to issue $500 million of Samurai bonds — or yen-denominated debt sold in Japan by overseas borrowers — through a private placement guaranteed by Africa Finance Corp. (AFC), Finance Minister Mohamed Maait said.

Egypt is looking to tap Asian capital markets as part of debt issuance guaranteed by development institutions, according to Maait and expects to borrow at least $1.5 billion before the end of this year.

The government of Egypt made a US$95 million equity investment in the AFC in 2022, which secured US$248 million in capital injections from a range of African equity investors and welcomed four African sovereigns as new shareholders last year.

The Lagos, Nigeria based AFC was founded in 2007 as a multilateral financial institution created by sovereign African states, and AFC provides pragmatic solutions to Africa’s infrastructure requirements by financing and developing infrastructure, natural resources and industrial assets.

AFC’s total assets grew by 23% to US$10.5 billion at year end 2022 from $8.6 billion in 2021, realising the Corporation’s 2018 five-year growth target one year early.

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