Arab Finance: Egypt is set to issue its first sovereign sukuk in Egyptian pounds during the first quarter (Q1) of 2025, Minister of Finance Ahmed Kouchouk confirmed in an interview with Asharq Business.

The move represents a strategic shift from previous foreign currency offerings as the government seeks to diversify its funding sources and address budgetary challenges.

In February 2023, Egypt made history with its inaugural sovereign sukuk issuance, raising $1.5 billion over a three-year term.

Prior to that, in September 2020, the country became the first in the region to offer sovereign green bonds, securing $750 million with coverage five times the targeted amount.

The local-currency sukuk issuance comes amid broader efforts to manage the budget deficit and navigate ongoing economic pressures.

Tasaheel issues EGP 7B sukuk to support small business financing Updated 2/27/2025 10:18:00 AM

Egypt expects $1.2B loan tranche from IMF in January: Kouchouk Updated 1/6/2025 9:08:00 AM

Egypt to pay 50% of electricity costs from Scatec’s 1,000-MW hybrid solar project in EGP Updated 11/27/2024 7:41:00 AM

Egypt to issue EGP 10B in green bonds, sukuk by mid-2025 Updated 10/20/2024 6:19:00 AM

Egypt seeks to boost concessional financing from development banks Updated 10/13/2024 9:03:00 AM