Egypt to Issue 1st Sovereign Sukuk by Mid-Year

Egypt is seeking to finalize the executive regulations for a sovereign sukuk by the end of this month, in preparation for issuing the first of such bonds worth about US$2 billion within five months.

The Egyptian Ministry of Finance is working on issuing the executive regulations for the Sukuk Law, in cooperation with the Financial Supervisory Authority and Al-Azhar Al-Sharif, the historical Islamic teaching hub.

Legal and technical issues, according to formulas that are compatible with the principles of Islamic Sharia, will be finalized, the director of the debt unit at MoF said.

The state aims to issue green bonds in 2022 with a greater value than those issued last year, Mohamed Hegazy told Asharq News.

Last September Egypt issued the first green bond offering in the Middle East and North Africa region, at a value of US$750 million and for a period of five years.