Egypt’s continued political turmoil has made its life hard in international debt markets, but its government is hoping to secure new funds by less conventional means through the issue of the country’s first sovereign Islamic bonds.
According to a Bloomberg report, the government plans to raise up to $1bn by June through sukuk sales, with one for domestic investors and one for foreign investors. “The international market is waiting for Egypt’s sukuk sale,” said Ahmed El-Naggar, adviser to Finance Minister El-Morsi El-Sayyed Hegazi, to Bloomberg. El-Naggar said in an interview with the news agency that the cabinet has finished a draft law to pave the way for the issuance, which would be debated in parliament this week………………………………………..Full Article: Source