Madbouli praises Egypt’s first sovereign Islamic sukuk with a total value of $1.5B

CAIRO - 22 Febrauary 2023: Prime Minister Mostafa Madbouli has praised the Ministry of Finance’s success in issuing Egypt’s first sovereign Islamic sukuk with a total value of $1.5 billion. Subscription on these bonds is valued at $6.1 billion.

 

Madbouli made the remarks during a meeting he chaired of the Cabinet at its headquarters in the New Administrative Capital.

 

It is a key step that contributes to enhancing investors' confidence in the Egyptian economy, which is reflected in the great demand from them for this successful issuance, the prime minister said.

 

More than 250 investors from various global financial markets submitted request for the bonds, which shows their support and confidence in the government's efforts to diversify funding sources.

 

Madbouli praised Egypt’s assumption of the presidency of the steering committee of the New Partnership for Africa’s Development (NEPAD).

 

The premier also commended the positive outcomes of Uzbek President Shavkat Mirziyoyev’s visit to Egypt and his meeting with President Abdel Fattah El Sisi.

 

The Cabinet meeting also touched on the outcome of Foreign Minister Sameh Shoukry’s participation in the 36th African Summit held in the Ethiopian capital Addis Ababa.