CAIRO, Jan 6 (Aswat Masriya) – Egypt's cabinet approved on Tuesday the issuance of international bonds worth $1.5 billion for the first time in over four years.

The issuance is per a recommendation by the cabinet's economic committee, which met yesterday, the cabinet said in a statement. It aims to lure foreign capital into the country, the cabinet added.

Egypt’s government has last issued international bonds in 2010. Since then, the state’s economy has drastically suffered due to political turmoil which followed the January 25 uprising that toppled President Hosni Mubarak in 2011.

Foreign debt has reached around $46 billion during the fourth quarter of the fiscal year 2013/2014.

Global rating agency Fitch Ratings however upgraded in December Egypt’s credit rating to "B" from "B-", citing structural reforms adopted by the government.

Since his election as president in June 2014, Abdel Fattah al-Sisi’s administration has largely focused on fixing Egypt's battered economy.

Egypt's government has already reduced petroleum subsidies and introduced new taxes in July, hiking fuel prices by up to 78 percent.

The government is preparing for an economic conference scheduled for next March. The state strongly believes heavy participation in the conference would help in the recovery of its economy.