World Bank's International Finance Corp planning Egyptian currency swaps
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.
- Tunisian, Moroccan Chambers of Commerce meet to discuss economic partnership
- Winter wonderland: Dubai debuts Aspen Chalets with view of Ski Dubai
- Egyptian economic experts predict inflation rate will continue to climb
- Shoura Council: Expats cannot buy property in Mecca, Medina, Riyadh
- Tensions increase between Egypt, Italy over renewable energy projects
- 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