ArabFinance: Egypt has hired six international banks to manage a $2 billion sukuk sale, Bloomberg News reported.

Banks selected to help sell Egypt’s first Islamic bonds are Citigroup, HSBC Holdings, Abu Dhabi Islamic Bank (ADIB), Credit Agricole, Emirates NBD, and First Abu Dhabi Bank (FAB), Bloomberg revealed, citing informed sources.

Unnamed sources also said that the issuance might take place in the second quarter (Q2) of 2022.

The sukuk issuance comes in a time that is advantageous to Egypt, as borrowing costs are projected to increase in 2022 owing to the US Federal Reserve’s monetary policy, Bloomberg commented.

It is worth mentioning that Egypt raised $6.8 billion from Eurobond issuances in 2021.

Egypt was the first in the Middle East to sell sovereign green bonds.

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