Egypt Independent

Egyptian government bonds available in Saudi Arabia



Riyadh — Egyptian government bonds are now available for purchase by Egyptians living in Saudi Arabia, the Egyptian Embassy in Riyadh announced Monday.

The announcement came in response to demands by the Egyptian community in the kingdom that it provide them with a way to financially support their country’s economy.

The certificates will be available at the Arab National Bank in Riyadh in coordination with the National Bank of Egypt, which will issue the 3-year-long bonds to help the Egyptian government out of its current budget crisis.

Ahmed Abdel Rahman, a Saudi-based accountant, said he was happy to hear about the new bonds. He said he and his colleagues are ready to buy them to support the country’s economy through the present difficult circumstances.

Some criticized the timing for issuing the certificates, though. Ahmed Mohamed, an administrative employee, said it is improper to issue the new bonds amid the current instability in Egypt. He said the election of a new president will usher in stability and boost economic progress, and thus there will be no need for the certificates.

The Egyptian Embassy in Qatar had also begun to offer bonds in collaboration between the Central Bank of Egypt and financial institutions in Doha. Egyptian ambassador to Qatar Mahmoud Fawzy Abu Donia explained that the minimum value of the bonds was US$1,000, with no maximum value, with a yearly interest of four percent.

Translated from Al-Masry Al-Youm