IslamicFinance.de

Egypt's sukuk law is likely to be ready by the start of the new fiscal year in July, according to Finance Minister Hany Kadry Dimian, who told reporters in March the government will sell dollar-denominated Shariah-compliant notes once the rules are in place. Egypt also said in early March it’s preparing to issue its first conventional international bond since 2010. Egypt has hired banks including Morgan Stanley, BNP Paribas and Natixis for a $1.5 billion non-Shariah compliant bond sale, Dimian said in March. The cash raised will be partly used to pay dues to foreign oil companies. The sukuk sale will probably also be used to finance mega-projects that have been approved by the government during the investment conference.