There are some “pockets of money” in Europe that are interested in Egyptian assets, Garhy said. REUTERS/Mohamed Abd El Ghany
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Egypt's Cabinet is expected to approve a plan to sell 1.5 billion in euro-denominated bonds in two to three weeks, the finance minister said, as the government seeks cheaper finance abroad to plug its budget gap.The notes, which will be Egypt's first in euros, will likely have tenors of five to 10 years, he said.The steps helped seal a three-year $12 billion loan program from the International Monetary Fund in November.Moody's Investors Service last month stopped short of upgrading Egypt's junk credit rating – or even improving its outlook from "stable" – citing Egypt's "very weak government finances" and increased external exposure.
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