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FINANCIAL NEWS
Egypt to raise USD1b by June
27 Feb 2013
(MENAFN) An Egyptian official said that by June, the country will raise USD1 billion through its first Islamic bonds, reported Times of Oman.
Ahmed El Naggar, adviser to finance minister El Morsi El Sayyed Hegazi, added that the cabinet has concluded a draft law to permit sukuk sales that included revisions by the ruling Freedom and Justice Party and Sharia scholar Hussein Hamed Hassan.
He added that officials have gathered a list of nearly 25 projects that could be used as assets to support future sales, hoping to begin with 2 sales, 1 for local investors and 1 overseas.
It is worth noting that Standard & Poor’s cut Egypt’s credit rating to B-, the same non-investment grade assigned for Greece and Pakistan.
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