Egypt explores green bonds, sukuk to ease debt

Finance Minister Ahmed Kouchouk said on Sunday 8/9/2024 Egypt is considering the issuance of green bonds and local sukuk as part of a broader strategy to reduce debt burdens and stabilise the economy. Minister Kouchouk met with Hani Salem Sonbol, CEO of the Islamic Trade Finance Corporation (ITFC), to discuss these plans and explore opportunities for collaboration economic reform and regaining investor confidence. The Egyptian minister highlighted the government's commitment to economic reform and regaining investor confidence. He expressed interest in leveraging the expertise of the Islamic Corporation for the Development of the Private Sector (ICD) to enhance sukuk issuance in Egypt. Additionally, he outlined upcoming tax reforms aimed at simplifying procedures for businesses, particularly SMEs and freelancers. Sonbol reaffirmed ITFC's support for Egypt's economic policies and export initiatives, particularly in the areas of food security and energy. He emphasized the confidence that international financ ial institutions have in Egypt's creditworthiness, citing the over $16.5 billion approved by ITFC for Egypt since 2008. Source: State Information Service Egypt