Egypt has named six international banks to manage the sale of its first sovereign Sukuk worth $2 billion to meet its financing needs. Bloomberg reported citing people familiar with the decision. The move aims to diversify its funding sources and ease the burden on its economy.
The selected lenders include Citigroup, HSBC Holdings, Abu Dhabi Islamic Bank, Credit Agricole, Emirates NBD Bank, and First Abu Dhabi Bank. The issuance is likely to take place in the second quarter of 2022, the sources told Bloomberg.
Last year, Egypt raised $6.8 billion through Eurobond issuances to meet its and is currently planning its first Japanese yen-denominated Samurai bond in this fiscal year ending in June.