Foreign investments in Egypt’s debt instruments register $29bln at May-end

Maait revealed that the ministry will issue the first sovereign Sukuk once the law is approved

  
Image used for illustrative purpose. A bank employee counts stacks of Egyptian 5 pound and 50 piastre notes as he works at Bank Misr in downtown Cairo, Egypt, June 8, 2016.

Image used for illustrative purpose. A bank employee counts stacks of Egyptian 5 pound and 50 piastre notes as he works at Bank Misr in downtown Cairo, Egypt, June 8, 2016.

REUTERS/Amr Abdallah Dalsh

Cairo – Mubasher: Foreign investments in Egypt’s debt instruments reached about $28-29 billion at the end of May, the Minister of Finance, Mohamed Maait, said.

During a press conference on Tuesday, Maait revealed that the ministry will issue the first sovereign Sukuk once the law is approved by the Parliament in the coming period, which will help diversify the country’s funding sources.

Thanks to the economic reforms conducted by the government, the country managed to become the second largest economy in the Arab world, registering a value of $361.8 billion during 2020 and an economic growth of 3.6% during the pandemic.

On a side note, he added that the state treasury settled EGP 330.5 billion in overdue debt owed to the National Organization for Social Insurance in a period of 24 months.

Source: Mubasher

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