5 November 2012

Egypt: Nation Considers Sukuk to Redress Budget Deficit

Investment Minister Osama Saleh said on Sunday4/11/2012 that the government considers issuing Islamic bonds (Sukuk) to redress the state budget deficit for the first time in Egypt, adding a work group was formed including ministries of investments and finance and the Central Bank of Egypt to set Sukuk legal structure.

The minister noted that the ministry is currently preparing to inaugurate projects affiliated to the public sector in different fields in Upper Egypt as al-Nahda cement project and tobacco industrial complex with LE5.5 bn investments.

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