Egypt rails authority considers bonds issue

04 October 2010

Funds will be used to finance projects over the next 10 years

Egypt’s National Railways Authority is considering issuing £E10bn ($1.76bn) in bonds to finance projects over the next 10 years, Reuters has reported. The bonds would fund projects worth £E60bn and would be secured by the assets of seven companies belonging to the state authority. Egypt saw a law change in December which allowed utilities and other quasi-government organisations to issue bonds directly.

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