With African Development Bank backing, Egypt is tapping Chinese capital markets to drive inclusive growth, including supporting micro and small enterprises.
The combined guarantees from the two multilateral development banks with triple-A ratings helped crowd in investors and secured competitive terms for the transaction. The Bank of China Limited, with support from HSBC Bank Company Limited, was the lead underwriter and bookrunner. Mohamed El Azizi, African Development Bank Director General for North Africa, described the issuance as ground-breaking."This first Panda bond issuance by an African sovereign is the perfect example of how African Development Bank Regional Member countries could leverage the Bank's AAA credit rating to penetrate new markets and mobilize sustainable financing at competitive terms from international investors," El Azizi said.
Egypt's Sovereign Sustainable Financing Framework aligns with the African Development Bank Group's country strategy for Egypt as well as its High-5 operational priorities.Albin KAKOU, Principal Investment Officer, Financial Sector Development Department).