Egypt's ministry of finance successfully issued and priced a three-tranche USD 4 billion Euro bond only few hours in to into its launch, the ministry announced in a statement.According to the ministry's statement issued late on Tuesday, the three tranches are broken down as follows: USD 1.25 billion in five-year notes with a yield of 5.5%, USD 1.25 billion in ten-year notes with a yield of 6.59% and USD 1.5 billion in thirty- year notes with a yield of 7.91%.

The Board of Directors of the African Development Bank has approved a US $500-million loan to finance Egypt’s Economic Governance and Energy Support Program Phase III. This is the last in a series of three annual loans worth a total of US $1.5 billion covering the fiscal years 2015-2016 to 2017-2018 for the Economic Governance and Energy Support Program Based Operation.

Five international banks were chosen to arrange Egypt’s dollar-denominated eurobond issuance on 5 January 2018. The institutions are HSBC, JP Morgan, Morgan Stanley, Citibank and the National Bank of Abu Dhabi (NBAD), Finance Minister Amr El-Garhy announced on Thursday.

The Central Bank of Egypt (CBE) said on Tuesday it is increasing the reserve requirement on deposits from 10 percent to 14 percent as a result of the strengthening performance and profitability of local banks.