The ministry of finance in Egypt says the government plans to issue sharia-compliant Sukuk bonds, as well as more Eurobonds and Green bonds, to fund public projects.
This is part of a programme coinciding with it hosting the COP27 United Nations Climate Change Conference in November.
Egypt became the first in the Middle East and North Africa to issue Green bonds when it issued a five-year Green bond in September 2020 with a $750 million deal to finance environmentally-friendly projects in the energy and transportation sectors.
The finance ministry said it plans to double its contribution to government-backed green investments in the next financial year to 30% of all public investment, from 15% in the current year ending on June 30.
Sukuk are nominal securities of equal value, issued for a specified period, each of which represents a common share in the ownership of assets, benefits, rights, a specific project, its rights or cash flows, based on what is specified in the IPO or information memorandum.