An Egyptian plan to sell certificates of deposit (CDs) - a form of debt - to its citizens living abroad to finance its deficit has been delayed because of technical problems over their issue in a single Gulf country, a minister said on Wednesday.
Egypt is looking for foreign currency to finance both budget and balance of payments deficits that have widened dramatically during the economic and political turmoil of the last year.
It also plans to sell parcels of land to its citizens abroad and dollar-denominated Islamic sukuk bonds to foreign
institutions to help plug an external financing shortage estimated at $11 billion over the next 18 months.
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