November 14, 2017 / 2:24 PM / in a year

UPDATE 1-Egypt agrees $3.1 billion repurchase transaction with global banks

(Adds details, context)

CAIRO, Nov 14 (Reuters) - Egypt’s Central Bank has reached terms for a one-year, $3.1 billion repurchase agreement with international banks after paying back the same consortium of banks a similar $2 billion agreement last week, it said in a statement on Tuesday.

Egypt has been negotiating billions of dollars in aid and loans from various lenders to plug its budget deficit and help revive its economy, battered by political and economic upheaval since a 2011 uprising.

It said the repurchase transaction was provided by the banks against most of the Egyptian dollar-denominated sovereign bonds issued by the finance ministry and listed on the Irish Stock Exchange.

Those bonds have maturities of December 2018, November 2024 and November 2028, the statement said.

“The total amount of bids submitted for the transaction amounted to USD 4.3 billion, reflecting a vote of confidence by the international market in the success of the homegrown economic reform program in the past year,” it said.

Egypt last year launched an ambitious economic reform programme tied to a $12 billion three-year International Monetary Fund loan agreement. (Reporting by Eric Knecht, editing by Larry King)

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