By: Mostafa Adel

Cairo – Mubasher: Egypt plans to receive foreign funding worth $9 billion during fiscal year 2017/2018, deputy finance minister for fiscal policy Ahmed Kouchouk said on Wednesday.

“The targeted funding will come in form of loans from global finance institutions and issuing USD-denominated bonds," Kouchouk told Mubasher, noting that sovereign sukuk could be a potential choice.

The deputy finance minister for the public treasury, Mohamed Meit, had earlier said that Egypt postponed the issue of sovereign sukuk after covering the financing gap via the International Monetary Fund (IMF) loan and international bonds.

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

Translated by: Elwy el-Manzalawy