Arab Today, arab today egypt to raise much needed capital by sukuk
Last Updated : GMT 05:48:40
Arab Today, arab today
Arab Today, arab today

Egypt to raise much needed capital by Sukuk

Arab Today, arab today

Arab Today, arab today Egypt to raise much needed capital by Sukuk

Cairo - Arabstoday

Egypt plans to raise as much as $1 billion by June from the sale of its first Sukuk. Officials have compiled a list of about 25 projects that could be used as assets to back future sales, reported Bloomberg, citing Ahmed El-Naggar, adviser to Finance Minister El-Morsi El-Sayyed Hegazi. “The international market is waiting for Egypt’s Sukuk sale,” El-Naggar is quoted as saying. “I hope to start with two sales, one for domestic investors and one abroad.” The cost of insuring Egypt’s dollar-denominated debt for five years soared 169 basis points over the past month to 609, making it the world’s second-worst performer after Argentina, according to data provider CMA. “Egypt will have to pay a lot to issue the Sukuk,” Tariq Qaqish, deputy head of asset management at Dubai-based Al Mal Capital, is quoted as saying by Bloomberg. “On a macro level, things are not looking that good. However, this might change if we see political stability which would result in improvement in the economy.” Egyptian officials held a seven-hour meeting at the Finance Ministry on Feb. 20 to discuss issues including how to secure the best pricing for the first sale, El-Naggar reportedly said. The size of the first issuance will be between $500 million to $1 billion, he added. The Egyptian Government is working to amend the nation’s accounting standards to comply with AAOIFI, El-Naggar is quoted as saying.  Albawaba Business

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