Egypt is in the final stages of issuing its first yen-denominated bond in three years, Foreign Minister Badr Abdelatty said during a visit to Japan on Thursday.

Speaking to Reuters on the sidelines of an event in Tokyo, he said preparations for the planned Samurai bond sale were almost complete and noted that he had been promoting the offering along with other investment prospects during his trip.

The planned bond issue, worth the equivalent of $500 million, received a boost in December when the African Development Bank announced it would provide a partial guarantee for the offering in Japan’s financial market.

Abdelatty said discussions with Japanese officials covered a range of economic matters, including monetary and fiscal cooperation, financial assistance, budget support, and the proposed Samurai bonds.

Egypt has faced economic challenges in recent years, although major property investments and an $8 billion loan from the International Monetary Fund have helped ease some pressure. At the same time, the ongoing Iran war has added strain to the country's finances by increasing energy costs and contributing to higher inflation.

Abdelatty said the bond sale would be especially significant under the current circumstances, noting that Egypt has been heavily affected by the economic consequences of the conflict.

The upcoming issuance will be Egypt’s third Samurai bond sale, following similar offerings in 2022 and 2023.