World Bank's International Finance Corp planning Egyptian currency swaps
The World Bank's International Finance Corp is planning to swap local Egyptian currency for dollars
Click here to add Jin-Yong Cai as an alert
Disable alert for Jin-Yong Cai,
Click here to add Reuters as an alert
Disable alert for Reuters,
Click here to add The International Finance Corp as an alert
Disable alert for The International Finance Corp,
Click here to add World Bank as an alert
Disable alert for World Bank,
Click here to add World Bank’s International Finance Corp as an alert
Disable alert for World Bank’s International ...
The International Finance Corp is considering whether to issue local currency bonds in several Middle Eastern countries to fund investments there, reported Reuters.
"In the Middle East the challenge is not the lack of capital but the access to dollars by local banks," Reuters quoted IFC Chief Executive Jin-Yong Cai as saying. "Just like we did in other places globally, we'll come up with an instrument to swap dollars for local currency in Egypt. We need local currency and some other private investors need dollars. It's in a way a hedging for investments."
Cai reportedly said that the IFC needed local currency supplies in Middle Eastern countries to finance its projects, and would use local currency bonds as one way to obtain them. "We're talking to governments in a few countries where we can issue local currency bonds," he is quoted as saying.
"In many countries there's plenty of money sitting not in use. We will sell local currency bonds and bring more investors into the capital markets. It's one way of mobilising money into bankable projects," he reportedly said.
- Al Tayer bucks the US department store trend with Bloomingdale's Kuwait opening
- Gulf Islamic banks set to outperform conventional banks for second year: Moody's
- Jordan secures EU finance for socioeconomic and environmental programs
- Same-day service deliveries in GCC an untapped market: Wing CEO
- Will terror attacks damper Arabs' appetite for European holidays?
- Egyptian delegation head to Washington for IMF and World Bank talks
- Metito gets funding to expand in Egypt, Asia
- Creditors Meeting Held For the International Banking Corp
- Losing its glory? Iran joins long list of countries to ditch US dollar in foreign trade
- Egypt-US negotiations ongoing in debt swap deal