Cairo – Mubasher: Egypt’s Ministry of Finance (MoF) may issue international sukuk for the first time in fiscal year 2019/2020, a government source said.

The sukuk will be issued at a value of $1 billion to $1.5 billion as an Islamic bond pilot issue to measure investors’ interest in such financing instrument, the source told Enterprise.

The North African country’s new budget supports a number of financing instruments as part of diversifying finance to reduce borrowing burdens, he added.

The MoF will start a roadshow in Asia that starts from Dubai to promote the Eurobonds issue this month, the source said.

Last week, finance minister Mohamed Maait said that Egypt was aiming to begin the Eurobond sale in the period between February and March in different currencies worth between $3 billion and $7 billion.

Egypt had raised $2.46 billion in April 2018 from eight-year and 12-year euro-denominated bonds sale at an interest of 4.75% and 5.625%, respectively.