Egypt plans to issue international sovereign sukuk in 2019-2020

Egypt is aiming to issue about $20 billion in foreign denominated bonds by 2022. (Shutterstock)
Updated 17 October 2018

Egypt plans to issue international sovereign sukuk in 2019-2020

  • Egypt is aiming to issue about $20 billion in foreign denominated bonds by 2022

CAIRO: Egypt plans to issue its first international sovereign sukuk, or Islamic bonds, in the 2019-2020 financial year, Finance Minister Mohamed Maait told Reuters on Wednesday.
Maait did not give the size of the planned offering. Egypt is aiming to issue about $20 billion in foreign currency-denominated bonds by 2022.
Issuing sukuk 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.
The country has borrowed heavily from abroad since then and faces a tough repayment schedule and a rising bill for oil imports.
Egypt's foreign debt stood at $92.64 billion at the end of June, an increase of 17.2 percent from the previous year.
Egyptian officials have previously announced their intention to issue Islamic bonds, but the plans did not materialise. 


Report: 2 Iranian lawmakers arrested for ‘disrupting’ market

Updated 22 August 2019

Report: 2 Iranian lawmakers arrested for ‘disrupting’ market

  • The report did not reveal if they have been charged with any financial crimes
  • Iran arrested several people since 2018 on corruption charges

TEHRAN: Iran’s semi-official Fars news agency says two lawmakers have been arrested for unspecified actions described as “disrupting” the country’s car market.
The report says the two lawmakers — Fereydoun Ahmadi and Mohammad Azizi — were initially taken to the Evin prison in Tehran but they were later released for about $85,000 in bail.
The report didn’t specify if the two have been charged with any financial crimes.
Iran is trying to crack down on corruption and has arrested several persons since 2018. Two prominent local businessmen have been hanged.
Iran’s economy nosedived since the US pullout from the nuclear deal last year. Prices of cars have skyrocketed as Western manufacturers pull out of the country and foreign-produced parts are becoming harder to find. China is trying to fill the void.