Arab Governments May Buy Egyptian Debt to Reduce Highest Yield Since 2008 - Bloomberg

Arab governments or their investment arms may soon buy Egyptian treasury bills to help the government reduce the highest borrowing costs since 2008, Egypt’s Deputy Prime Minister Hazem El Beblawi said.

Egypt is in talks with Saudi Arabia and the United Arab Emirates to buy the instruments, El Beblawi, who is also the country’s finance minister, said in an interview in Washington yesterday, where he is attending the annual meetings of the International Monetary Fund and the World Bank.

“It can materialize anytime but we have not yet finalized the agreement,” he said. “We are really concerned about increasing interest rates.”

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