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Egypt to issue panda bond at the ‘right moment’ – Deputy Finance Minister Ahmed Kouchock

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Egypt’s Vice Minister of Finance for Fiscal Policies and Institutional Reform Ahmed Kouchouk has revealed that the North African country plans to issue its first panda bonds by the end of this fiscal year.

Kouchock made the revelation on Sunday at an event at the American University in Cairo, adding that the country is  ” just waiting for the right moment,” Kouchouk told

Egypt hinted in August that it has completed all necessary procedures to issue panda bonds in the Chinese market at an expected value of $500 million.

Panda bonds are bonds denominated in Chinese yuan but issued by foreign borrowers.

Earlier, local media quoted Finance Minister Mohamed Maait as saying the issuance was expected to be at $500 million.

The country is open to flexible terms of setting the value of the external financing within the framework of extending the debt tenor and the current average term of external debt of 12 years, Kouchouk pointed out.

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German finance minister calls out China, wants creditors to restructure debt for Ghana

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Germany’s finance minister, Christian Lindner has called on countries that have lent to Ghana to form a creditor committee quickly to help it restructure its debt.

Lindner made the position known during a news conference with his Ghanaian counterpart Ken Ofori-Atta on Friday, while singling out China in the call to have the country’s debt restructured.

“I would like to call on all creditors to join the efforts as swiftly as possible.

“And, to be frank, I remind China of its responsibilities as a very important bilateral creditor of Ghana,” he said, adding that he had done so “on the international level” at International Monetary Fund (IMF) meetings in October 2022.

“Ghana needs to return as fast as possible to the international financial markets. Ghana should keep its credibility,” Lindner said.

Ghana’s currency, Cedi is currently rated the world’s worst-performing in 2022 as investors continued to squeeze foreign capital into the West African country.

The country approached the International Monetary Fund (IMF) in July to ask for financial help after soaring prices and economic hardship spurred street protests. It secured a staff-level agreement with the IMF in December for a $3 billion loan, but the money’s approval is contingent on it restructuring its debt of 467.4 billion cedis ($39 billion).

The Ghanaian minister, Ofori-Atta told reporters, “Germany is being true partner” in helping Ghana through the debt restructuring process in “an accelerated way.”

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Mozambique President Filipe Nyusi, TotalEnergies, discuss over gas project

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Discussion on the humanitarian situation in the Cabo Delgado area in Mozambique is ongoing between The head of TotalEnergies and Mozambique President Filipe Nyusi.

TotalEnergies’ chairman and chief executive Patrick Pouyanne had visited the Cabo Delgado area to review the security and humanitarian situation, and Pouyanne had met the Mozambique President during his trip.

The multinational revealed that it has engaged Jean-Christophe Rufin, whom it said was an expert in humanitarian action and human rights, with an independent mission to assess the humanitarian situation in Cabo Delgado province.

Pouyanné said, “since 2021, the situation in Cabo Delgado province has improved significantly, thanks in particular to the support provided by the African countries that committed themselves to restore peace and security.”

“The mission entrusted to Jean-Christophe Rufin should enable Mozambique LNG’s partners to assess whether the current situation allows for a resumption of activities while respecting human rights,” he added.

A force majeure’ was declared in 2021 on TotalEnergies’ Mozambique LNG project, valued at $20 billion, due to regional unrest after an insurgent group linked to Islamic State attacked the northern town of Palma.

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