The Egyptian government has successfully completed its second sovereign sukuk issuance, valued at $1 billion, as part of its broader strategy to diversify financing tools and investor bases.
Ahmed Kouchouk, Egypt’s Minister of Finance © ENS
The Egyptian government has successfully completed its second sovereign sukuk issuance, valued at $1 billion, as part of its broader strategy to diversify financing tools and investor bases.
Announced by the Ministry of Finance, the sukuk complies with Islamic Sharia principles and was offered as a private placement for the 2024–2025 fiscal year.
This latest issuance carries a three-year maturity and offers an annual coupon rate of 7.875 percent. The entire offering was fully subscribed by Kuwait Finance House (KFH), reflecting robust investor confidence in Egypt’s economic outlook and fiscal management.
According to the Ministry, this sukuk issuance reaffirms the government’s ability to meet its financial goals despite persistent global economic uncertainty and geopolitical turbulence. It also marks continued progress in Egypt’s efforts to tap into Islamic finance as a means of expanding access to diverse pools of capital.
The issuance follows Egypt’s debut sovereign sukuk in February 2023, launched under the international sovereign sukuk program, which has a ceiling of $5 billion. The successful placement of both issuances highlights Egypt’s growing reputation among investors in Islamic finance markets.
The Ministry emphasized that sukuk are a key component of its debt strategy. These instruments help extend the debt maturity profile, lower borrowing costs, and reach new investor segments—particularly those seeking Sharia-compliant investment products.
Additionally, the Ministry reiterated its ongoing commitment to reducing the external debt burden. It aims to cut external debt for entities within the state’s general budget by $1–2 billion this year. Preliminary data, the Ministry noted, shows strong progress toward that goal.
The United Arab Emirates has announced the creation of a new Ministry of Foreign Trade, as part of its efforts to strengthen its position in the global economy and diversify its trade partnerships.
Syria this week carried out its first international bank transfer via the SWIFT international payment system since the outbreak of the country’s 14-year civil war, central bank governor Abdelkader Husriyeh said on Thursday, a milestone in Syria’s push to reintegrate into the global financial system.
Turkey’s ruling Justice and Development Party (AK Party) submitted a draft bill to parliament on Monday that proposes significant changes to the country’s tax framework, particularly targeting special consumption tax (SCT) regulations for motor vehicles.
To make this website run properly and to improve your experience, we use cookies. For more detailed information, please check our Cookie Policy.
Necessary cookies enable core functionality. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.
