Egypt’s Ministry of Finance Denies State’s Intention to Issue Sukuk to Mortgage Assets for Borrowing 

Egypt’s Ministry of Finance has denied any plans by the Government of Egypt to issue sovereign Sukuk as a way to borrow money by mortgaging state-owned assets.

Why it Matters?

In a statement issued on the 22nd of June 2021, the Ministry stated that the goal of issuing sovereign Sukuk, is to diversify the investor base in a way that supports the achievement of financial, economic and development goals. In addition, the aim is to provide the necessary financial allocations for investment projects in line with the Government’s efforts to improve aspects of spending on enhancing the standard of living.

Details

The Sukuk would be issued in the form of a paper or electronic certificate with specifications determ...