Egypt Will Offer $2 Billion in Islamic Bonds This Year, Says Finance Ministry
Egypt Will Offer $2 Billion in Islamic Bonds This Year, Says Finance Ministry
Egypt is running low on foreign currency and plans to raise $2 billion in 2025 by selling Islamic bonds, called sukuks. The country will do this in several rounds and has chosen banks to manage the process, according to a report by Reuters. The information came from Egypt’s Finance Minister, Ahmed Kouchouk.
Sukuk Issuance
By the end of 2024, Egypt’s government and companies issued sukuk worth $1.98 billion (EGP 100 billion), according to the Egyptian Islamic Finance Association (EIFA).
Sukuk are like bonds, but instead of being a loan, they give investors part-ownership in assets or projects.
Kouchouk said Egypt is open to doing debt-for-investment swaps, like the one made with the UAE for the Ras El Hekma project.
Egyptian Economy
In March 2025, Egypt’s non-oil sector became smaller for the first time that year. This happened because demand was low, so businesses reduced their work and buying, according to a report from S&P Global.
The S&P Global Egypt PMI (Purchasing Managers’ Index), which shows how the non-oil sector is doing, fell to 49.2 in March from 50.1 in February. A score below 50 means the sector is shrinking.
Egypt’s economy grew by 4.3% in the second quarter of its 2024/2025 financial year (which starts in July), compared to 2.3% growth in the same period the year before, according to Reuters.
Published: 10th April 2025
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