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Qandil Says Egypt to Sell Sukuk After New Law Is Approved

Published: 09/09/2012 07:24:12 PM GMT
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Prime Minister Hisham Qandil said Egypt plans to sell sukuk, or Islamic bonds, after new legislation on the debt instrument is passed within three mon (more)

Prime Minister Hisham Qandil said Egypt plans to sell sukuk, or Islamic bonds, after new legislation on the debt instrument is passed within three months, a step aimed at meeting the budget deficit.

"This is something we want to do to enlarge the engagement" of investors who "want to use this tool but are currently unable to," Qandil said. After the legislation is prepared, "I hope they will be ready with one or two issuances," he said, referring to the Finance Ministry.

Qandil, speaking in an interview in Cairo, said he had no further details on the possible issuance, which would be used along with sales of traditional domestic debt and international aid to meet the fiscal year's budget deficit of 135 billion Egyptian pounds ($22 billion), or 7.6 percent of economic output. A loan agreement of as much as $4.8 billion with the International Monetary Fund is expected to be completed by the end of November, he said.


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