Egypt introduces $5 billion sovereign sukuk

The Egyptian government launched a program to issue international sovereign sukuk worth up to $5 billion and successfully conducted the first issuance phase amounting to $1.5 billion for a three-year term. The subscription demand for the Egyptian sukuk exceeded four times the offering amount, with a 70 basis points improvement compared to traditional financing. This move is part of efforts to diversify financing tools and support economic growth, which recorded a 5.1% increase in the first nine months of the current fiscal year.

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