Parliament Deputy Speaker Mohamed Abou El-Enein praised Tuesday the Egyptian multi-funding resources of international bonds. He confirmed that the Ministry of Finance managed to obtain the lowest price worldwide.
During the parliament plenary session, Abou El-Enein hailed the performance of the Ministry of Finance and the law exempting the proceeds of subscription bonds abroad from taxes.
The parliament deputy speaker said that the multiplicity of funding sources from international bonds is important. He explained that the Egyptian negotiator is smart and was able to obtain the cheapest price offered at the global level, with a long-term and long repayment period.
Abou El-Enein added that the price reflects the wisdom of the Ministry of Finance. He confirmed that the price that the ministry obtained is cheaper than what is mentioned in the schedule and cheaper than the price that Egypt accepted before the Coronavirus outbreak. It is also cheaper than the prices of other countries and this is a great achievement that reflects the strength of the Egyptian economy.
He noted that Egypt needs external funding in light of mega projects, and President Abdel Fattah El Sisi always surprises everyone with projects that benefit future generations despite the Coronavirus, especially as “we are building a modern state.”
Abou El-Enein stated: “We are facing rumors from the people of evil while we are in the stage of safe debts despite such rumors. There are no risks to the size of the debt in front of the gross domestic product. The state has a strong economy, and the MPs called for studying the economic effects of laws issued by the previous parliament and their reflection on the economy and investment in the field of international competitiveness, attracting capital.”