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The Egyptian Minister of Finance, Mohamed Maait announced plans to issue bonds denominated in Indian Rupees, known as Masala bonds, at a value of up to USD 500 million next year as a part of diversifying its revenue-raising tool
The Egyptian Minister of Finance, Mohamed Maait announced plans to issue bonds denominated in Indian Rupees, known as Masala bonds, at a value of up to USD 500 million next year as a part of diversifying its revenue-raising tool.
Egypt succeeded in offering the first-ever issuance of sovereign Islamic with a value of USD 1.5 billion, with the subscription value amounting to about USD 6.1 billion, registering an oversubscription of more than four times.
The sukuk attracted more than 250 investors in various global financial markets across Gulf countries and East Asia, in addition to European countries and the United States of America.
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The finance minister also stated that the International Monetary Fund (IMF) confirmed its interest in increasing the amount of financing provided to Egypt.
