Egypt Contemplating First-Ever Issuance of Sukuk as Part of Debt Strategy

Egypt is hoping to attract new investors by issuing its maiden Sukuk in both local and international markets in the fiscal year starting in July, according to Mohamed Hegazy, Head of Egypt’s Ministry of Finance’s Debt Management Unit.

The country is looking revive its debt strategy, which was put on hold due to the global COVID-19 pandemic, as foreign investors are returning to local assets. The debt strategy involves easing the cost of borrowing by diversifying funding sources and extending maturities, according to media reports.

Hegazy stated that the backing of the International Monetary Fund and attractive yields has helped draw in foreign investment during this cha...