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| 20 September, 2018

Egypt likely to issue $1bln sukuk – Moody’s

Moody's Investors Service (Moody's) said that Egypt is likely to issue sukuk worth $1bln within the next 18 months

Cityscape Against Sky During Sunset

Cityscape Against Sky During Sunset

Getty Images/ Mohamed Ibrahim / EyeEm

Cairo –  Moody's Investors Service (Moody's) said that Egypt is likely to issue sukuk worth $1 billion within the next 18 months.

The North African nation is expected to issue Islamic bonds in both the local and foreign currencies in the following years, the US-based agency added in a recent report.

The North African nation comes among four countries expressed their interest in issuing sukuk within the current or next year, according to the report.

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In August, Moody’s changed the outlook on Egypt’s long-term issuer ratings to 'positive' from 'stable', following the affirmation of the BS issuer ratings.

The US ratings agency affirmed Egypt’s B3 rating which appropriately captures its credit risk profile.

Source: Mubasher

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