Six International Lenders Named for Egypt’s First Sovereign Islamic Bonds
February 25, 2022 | Updated at February 25, 2022
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Email Egypt has announced a consortium of six international banks to manage its inaugural sovereign Sukuk, expected to be launched in the second quarter of 2022 (2Q 2022), to raise USD 2 billion. The international lenders are: Citigroup, HSBC Holdings, Abu Dhabi Islamic Bank (ADIB), Credit Agricole, Emirates NBD Bank and First Abu Dhabi Bank (FAB).
Why it Matters?
Plans for the sovereign Sukuk sale were first announced four years ago; however, the country decided to proceed with other international issuance to meet its financial needs and ease its economic burden. The Sukuk is suggested to come in a timely manner as it could allow Egypt to take advantage of borrowing costs that are expected to rise later in 2022 as a result of accelerated tightening of monetary...
