Thursday 18, October 2018 by Kudakwashe

Egypt to issue international sovereign Sukuk in 2019-2020

 

Issuing Islamic bonds could allow Egypt to attract a new class of investor as it implements a three-year IMF-backed economic reform programme agreed in late 2016.

Egypt finance minister has announced that the Government plans to issue its first international sovereign Sukuk in the 2019-2020 financial year.

Mohamed Maait, Egypt’s Finance Minister, did not disclose the size of the planned offering but it is said Egypt is aiming to issue about $20 billion in foreign currency-denominated bonds by 2022.

In June, Egypt's foreign debt stood at $92.64 billion, a 17.2 per cent increase from the previous year, reported, Reuters.

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