Egypt to start roadshow for sukuks next week
Cairo, May 31, 2013
Egypt next week will begin marketing Islamic sukuk bonds with which it hopes to finance 10 large electricity, transport, supply and industry projects, the state Mena news agency reported.
A roadshow will visit the United Arab Emirates, Saudi Arabia, Qatar, Bahrain, and Kuwait, Mena quoted Ahmed Al-Gebali, an adviser to Egypt's Finance Minister, as saying.
Gebali did not give a value for the projects, saying feasibility studies were still underway.
Egypt's President Mohamed Mursi approved a sukuk law on May 11 that will allow the country to issue Islamic bonds.
The sukuk could help Egypt plug a budget deficit that has widened since a popular uprising that ousted President Mubarak in 2011.
Egypt said it aims to issue a debut sovereign sukuk early next year, according to a May 22 prospectus for a new $12 billion bond programme.
It has appointed HSBC Holdings and Qatar National Bank as joint lead arrangers and dealers for the programme. - Reuters