29 November 2023 02:02 PM

Finance minister: We work on studying int'l experiment on issuing "sustainable development bonds"

Monday، 07 June 2021 - 12:14 PM

Minister of Finance Mohamed Maait revealed on Sunday a new experiment on floating international bonds being implemented in Mexico and Ecuador known as “sustainable Development Bonds”.

During a session by the House of Representatives under counselor Hanafi el Gebali to debate a bill presented by the government to issue a sovereign Sukuk law, the minister said the government is studying such experiment to apply it in Egypt and issue sustainable development bonds.

He said that Egypt has an international certificate on its experiment on issuing green bonds aimed at preserving the environment and serving its projects.

Maait said the aim of issuing Sukuks is to finance the state general budget, as well as investment and development projects included in the budget.

He pointed out that issuing such kinds of bonds aims at attracting new Egyptian and foreign investors who favor transactions compatible to Islamic Shariaa (Law).

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