Tasaheel, Egypt’s lender for small businesses and entrepreneurs and part of MNT-Halan, has issued an EGP 7 billion sukuk, the largest in the country’s non-bank financial institutions (NBFIs) sector.

Egypt is set to issue its first sovereign sukuk in Egyptian pounds during the first quarter (Q1) of 2025.

Egypt is planning to issue green bonds and sukuk worth up to EGP 10 billion before the end of the fiscal year (FY) 2024/2025, as part of its ongoing strategy to diversify funding sources.

The International Islamic Trade Finance Corporation (ITFC) has invested over EGP 16.5 billion in Egypt since 2008, supporting sectors like petroleum, food commodities, and various development projects.

Egypt expects to raise between $2 billion and $2.5 billion from the resumption of the state’s initial public offering (IPO) program during the current fiscal year (FY) 2024/2025.

The Egyptian Ministry of Finance is considering issuing green bonds and sukuk in Egyptian pound in the local market to fund the overall budget deficit.

The New Urban Communities Authority (NUCA) is planning to issue sukuk worth up to EGP 260 billion in the local market within 2024.

Five Egyptian firms are planning to issue sukuk worth up to EGP 10 billion.

The Financial Regulatory Authority (FRA) has granted GB Capital for Financial Investments a license to run sukuk issuance activity via its arm GB Capital Sukuk, with a capital of EGP 10 million.

Egypt is considering issuing bonds denominated in Indian Rupees, known as Masala bonds, at a value of up to $500 million next year, Minister of Finance Mohamed Maait said.

The award was received by Head of the Public Debt Management Unit at the Ministry of Finance Mohamed Hegazy, on behalf of Minister Mohamed Maait.

The FRA allows the temporary listing of shares of Egyptian and foreign companies in the stock exchange lists instead of prior registration at the authority, without meeting the minimum conditions for the percentage of shares to be offered, the number of shareholders, or the percentage of free-floating shares.