Jordan will sell US-guaranteed Eurobonds on the international debt market on October 28, finance minister Umayya Toukan was cited as saying by the state news agency Petra. The minister, who did not disclose the bonds’ size, also said that Jordan will sell another USD 750mn Eurobonds in 2014. Earlier reports said the USA will provide loan guarantees for Jordan’s planned USD 1.25bn seven-year Eurobond according to a mutual agreement signed in Amman in August 2013.
The nearing sovereign debt issuance is part of the government's effort to diversify financing resources and reduce dependency on increasingly expensive domestic borrowing. Rising local debt issuance has also cut the private-sector's performance and ability to borrow cheap money from local banks.
Jordan originally planned to issue the Eurobonds in mid-October. Toukan said the delay was due to the budget shutdown of the US government early this month after the Congress rejected a bill to increase the US debt ceiling.
Toukan also said that the IMF will allocate USD 258mn for Jordan after its executive board agreed last week to transfer the third tranche of the USD 2.06bn three-year Stand-By Arrangement with Jordan.
Related Articles
Egypt eyes $5.2bn in manufacturing investments for FY2025/26, says planning minister
The Egyptian government plans to attract EGP 252.8bn ($5.2bn) in investments to the manufacturing sector for FY 2025/26, Economy Plus reported on September 3, citing the country’s Minister of ... more
Egypt set to receive $500mn tranche from IMF Resilience and Sustainability Facility before end-2025
Egypt is set to receive the first tranche of $500mn from the International Monetary Fund’s (IMF) Resilience and Sustainability Facility (RSF) before the end of 2025, Asharq Business reported on ... more
Egypt targets $7.4bn in investment in pharmaceutical sector, plans 70 new factories by 2030
Egypt plans to attract EGP 350bn ($7.4bn) of investment into its pharmaceutical sector within the next five years, Gamal El-Lithy, head of the Chamber of Pharmaceutical Industry at the ... more
Most Read
-
Renewable capacity growth is faster than ever, but more acceleration needed to meet Paris 2030 goal, says IEA
1 year ago
-
Kyrgyzstan abandons attempt to rescue Russian climber trapped on icy summit of country’s highest mountain
19 days ago
-
BERTRAND: China after Communism, preparing for a post-CCP China
1 month ago
-
UKRAINE REMONT: The battle to build: signs of recovery in Ukraine's construction industry
5 months ago