Ahmed Kojak, deputy finance minister for monetary policy speaks during an interview with Reuters at his office in Cairo, Egypt July 28, 2016. REUTERS/Ehab Farouk
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Egypt will approach investment banks next week for a potential eurobond sale, a senior official said, part of the government's efforts to shore up reserves and finance – an economic program that will mainly rely on a $12 billion loan from the International Monetary Fund.Egypt aims to tap international bond markets by October, Prime Minister Sherif Ismail said this week.The reserves have increased 7 percent since September to $17.5 billion last month, central bank data show.If the deal is finalized, Egypt hopes to receive the first tranche of at least $2 billion in two months, Kouchouk said.
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