Cairo – October 20, 2024: The Egyptian government seeks to issue new sukuk and green bonds valued between LE 5-10 billion during the third and fourth quarters of the FY2024/2025, according to Finance Minister Ahmed Kouchouk yesterday.
The minister highlighted that this is part of a broader strategy to diversify financing sources and attract both investors and savers to the local debt market.
Kouchouk previously emphasized the government’s commitment to enhancing its debt instruments back in August. The strategy aims to lower public debt costs by leveraging the local debt market through a variety of offerings, including treasury bonds, green bonds, and sukuk.
In September, Kouchouk spoke to investors in London about Egypt’s intention to re-enter the international bond market, with plans to issue $3 billion in Eurobonds and other debt instruments during the current fiscal year.
According to sources familiar with the matter, as reported by Bloomberg, Egypt is also ramping up efforts to rejoin JPMorgan Chase & Co.’s Emerging Markets Bond Index (EMBI), a benchmark closely monitored by over $200 billion in emerging-market funds.