Egypt raises $6 billion in a few hours

Within hours of the issuance of the first issue of sovereign Islamic sukuk, Egypt managed to raise $6 billion.

Egypt offered $1.5 billion worth of sukuk and the subscription cost was about $6.1 billion, more than four times the subscription.

Experts stressed the importance of issuing sukuk to cover the shortfall in demand for foreign exchange and increase investor confidence in the Egyptian economy, noting that the yield on sukuk reached 11% as a result of the increase in the dollar interest rate. and a downgrade of Egypt’s credit rating.

Meanwhile, Mohamed Hegazy, head of public debt management at the Egyptian Ministry of Finance, said Thursday that the ministry is aiming to issue a new Islamic sukuk in Egypt’s local currency during the current fiscal year.

Yesterday, Wednesday, Egyptian Finance Minister Dr. Mohamed Maait announced the successful issuance of the first $1.5 billion Sovereign Islamic Sukuk issue, with a subscription value of around $6.1 billion.

Source: Egyptian media.