In a gathering between Egypt’s Minister of Finance, Mohamed Maait, and Hong Kong’s Secretary for Monetary Services and products and the Treasury, Christopher Hui, on Sunday, 28 January, it was once printed that Egypt and Hong Kong mentioned the issuance of bonds in Egypt’s native forex and the signing of an settlement to stop double taxation.
All the way through their assembly on the Asian Monetary Discussion board, each nations printed their dedication to strengthening their financial ties and selling funding between the 2 nations.
Egypt expressed its pastime in leveraging Hong Kong’s experience to draw extra Chinese language investments and beef up funding inflows.
The bond issuance at the Hong Kong Inventory Change is a part of Egypt’s broader plan to protected USD 100 billion (EGP 309 billion) in direct international investments between 2024 and 2030.
It additionally goals to diversify Egypt’s financing technique, tapping into more than one markets, traders, and financing equipment to deal with inflationary pressures and bridge the rustic’s financing hole.
Consistent with the Global Financial Fund (IMF), Egypt is projected to stand a financing hole of USD 17 billion (EGP 526 billion) via 2026. To handle this, Egypt seeks to discover other avenues for financing, together with bond issuances in international markets.
The assembly additionally led to an settlement to do away with double taxation between Egypt and Hong Kong in 2024, advertise funding and facilitate business between the 2 nations.