Egypt’s Cabinet approves sovereign sukuk regulations

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The Egyptian Cabinet has approved the executive regulations of the Sovereign Sukuk Law No. 138 of 2021, after taking the notes of some ministries into consideration, according to an official statement.

This decision came on the sidelines of the Cabinet’s meeting held on Wednesday, April 27th.

It is worth noting that Minister of Finance Mohamed Maait previously announced that Egypt would issue the first sovereign sukuk in the second half (H2) of fiscal year (FY) 2021/2022.

During the meeting, the Cabinet also endorsed a presidential draft regarding the financing agreement signed between the Ministry of International Cooperation and the French government to finance the supplying process of 55 trains and the upgrade of the rolling stock at Cairo Metro’s first line.

Moreover, the Cabinet approved a presidential draft on the funding agreement between the Ministry of International Cooperation and the French Development Agency (AFD) to support safe transportation for women in Egypt.

On the other hand, it has agreed upon the amendment of some provisions of the Real Estate Registration and Notarization Authority (RERN) in new urban communities as per the Law No. 27 of 2018.

Additionally, it has agreed to extend the exemption of foreign airlines from airport fees until October 31st from April 30th.