Egypt may issue first sovereign sukuk worth over $2bn

Egypt might issue the first sovereign sukuk in its history at the beginning of the new fiscal year, with a value of up to $2 billion, said Finance Minister Mohamed Maait.

He said this would first require the launch of a sukuk company and a Shariah committee, he told Al Arabiya.

Egypt government debt instruments attracted foreign investments of as much as $29 billion up to the end of May, he said.

The government could also issue so-called “green bonds.”

“However, the matter is not settled yet, but in the event of the offering, its size will be close to the previous offering, which amounted to $500 million,” he was quoted as saying by Reuters.

His remarks come a day after Egypt issued one-year dollar treasury bills at a value of $540.6 million, with an average return of 3.088 percent.