EGYPT

Egypt To Borrow $1.5Bn

As Egypt’s foreign exchange reserves sank to $15.333bn at the end of December from $15.882 a month earlier (see graph), the Egyptian council of ministers announced on 6 January that it would tap the international bond market with a new issue worth $1.5bn to boost its foreign exchange reserves and attract foreign capital.

The cabinet said in a statement that its decision was prompted by an improvement in the assessment of Egypt’s economy...