Egypt trains authority mulling bonds
Egypt’s National
Railways Authority is considering issuing 10 billion Egyptian pounds in
bonds to finance projects over the next 10 years, a newspaper reported
on Sunday, citing unnamed authority sources.
The bonds, which
would fund projects worth 60 billion pounds, would be secured by the
assets of seven companies belonging to the state authority, Al-Mal
newspaper said.
The authority’s Chairman Mohamed Hegazy said by telephone he had no information to confirm or deny the newspaper report.
Egypt changed its laws in December to allow utilities and other
quasi-government organisations to issue bonds directly, a move designed
to expand the country’s debt market.
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