(2 minutes read)
· Egypt’s Minister of Finance Mohamed Maait said that his country would experiment with floating international sustainable development bonds similar to that being done by Mexico and Ecuador
· The government was closely examining the efficacy of such experiments to apply it in Egypt and issue sustainable development bonds
· Egypt has obtained an international certificate for issuing green bonds aimed at preserving the environment and serving its projects
Egypt’s Minister of Finance Mohamed Maait said that his country would experiment with floating international sustainable development bonds similar to that being done by Mexico and Ecuador.
This he stated during the session at the House of Representatives recently while taking part in a debate on a bill presented by the government to implement a sovereign Sukuk law. The minister said the government was closely examining the efficacy of such experiments to apply it in Egypt and issue sustainable development bonds.
Egypt has obtained an international certificate for issuing green bonds aimed at preserving the environment and serving its projects. Sukuks is meant to finance the state general budget, as well as investment and development projects as set out in the budget. This would also attract foreign investors into Egypt since it will be an additional channel for attracting investments. The issuance of bonds is compatible with Islamic Shariaa (Law).
