By: Mustafa Adel

Cairo – Mubasher: Egypt plans to issue sovereign sukuk worth $1 million in the fiscal year 2017-2018, Mohamed Meit deputy finance minister for the public treasury, told Mubasher.

“The government planned issue its first sukuk this year but decided to postpone it to the next year after covering the financing gap via the IMF loan and international bonds,” Meit said.

Egypt earlier reached an agreement with the IMF on a loan of $12 billion over three years, and received the first tranche of the loan, $2.75 billion, last November.

Translated by: Elwy el-Manzalawy