The Egyptian government is considering the issuance of the first sovereign sukuk over the coming period, Minister of Finance Mohamed Maait said on the sidelines of the Islamic Development Bank (IsDB) Private Sector Forum.

Egypt is seeking to attract new segments of local and foreign investors who are interested in investing as per sharia law by issuing the sovereign sukuk, Maait noted.

The issuance of green sukuk and sustainability sukuk will contribute to cutting the cost of financing, he highlighted, adding that it would provide the necessary cash to implement development and green projects and investments under the general budget’s economic and social development plan.

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.

In April, the Egyptian Cabinet approved the executive regulations of the Sovereign Sukuk Law No. 138 of 2021.

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