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Egypt Explores Bond Issuance and Tax Agreement with Hong Kong

January 29, 2024
Photo Source: Daily News

In a meeting between Egypt’s Minister of Finance, Mohamed Maait, and Hong Kong’s Secretary for Financial Services and the Treasury, Christopher Hui, on Sunday, 28 January, it was revealed that Egypt and Hong Kong discussed the issuance of bonds in Egypt’s local currency and the signing of an agreement to prevent double taxation. 

During their meeting at the Asian Financial Forum, both countries revealed their commitment to strengthening their economic ties and promoting investment between the two countries.

Egypt expressed its interest in leveraging Hong Kong’s expertise to attract more Chinese investments and enhance investment inflows.

The bond issuance on the Hong Kong Stock Exchange is part of Egypt’s broader plan to secure USD 100 billion (EGP 309 billion) in direct foreign investments between 2024 and 2030. 

It also aims to diversify Egypt’s financing strategy, tapping into multiple markets, investors, and financing tools to address inflationary pressures and bridge the country’s financing gap.

According to the International Monetary Fund (IMF), Egypt is projected to face a financing gap of USD 17 billion (EGP 526 billion) by 2026. To address this, Egypt seeks to explore different avenues for financing, including bond issuances in foreign markets.

The meeting also resulted in an agreement to eliminate double taxation between Egypt and Hong Kong in 2024, promote investment and facilitate trade between the two countries. 

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