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Egypt plans sukuk to finance authorities funding tasks

A rainbow is seen within the sky after a heavy rain in Cairo, Egypt February 19, 2022. REUTERS/Mohamed Abd El Ghany

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CAIRO, Feb 28 (Reuters) – Egypt’s authorities plans to problem sharia-compliant sukuk bonds, in addition to extra Eurobonds and Inexperienced bonds, to fund public tasks, the finance ministry mentioned on Monday.

The nation goals to extend the federal government’s contribution to state-backed inexperienced investments in subsequent 12 months’s price range as a part of a progamme coinciding with it internet hosting of the COP27 United Nations Local weather Change Convention in November, the ministry added.

Egypt’s authorities turned the primary within the Center East and North Africa to problem Inexperienced bonds when it issued five-year Inexperienced bonds in September 2020 with a $750 million deal to finance environmentally-friendly tasks within the power and transportation sectors.

The finance ministry mentioned it plans to double its contribution to government-backed inexperienced investments within the subsequent monetary 12 months to 30% of all public funding, from 15% within the present 12 months ending on June 30.

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Reporting by Ahmed Ismail
Writing by Lina Najem
Modifying by David Goodman

Our Requirements: The Thomson Reuters Belief Ideas.

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