Egypt allocates Red Sea land for issuing bonds and lowering debt

Egypt Allocates Land for Islamic Bond Issuances Amid Economic Crisis

To address the country’s ongoing economic challenges, Egypt will be allocating a 174 square kilometer plot on the Red Sea coast to the finance ministry on Tuesday 10 June according to reports, which will be utilized for Islamic bond issuances (financial certificates that represent ownership in a portfolio of assets, rather than a debt obligation like traditional bonds), part of a broader strategy to lower the country’s public debt.  While no det…

Egypt allocates Red Sea land for issuing bonds and lowering debt

CAIRO: Egypt has allocated a 174 square km plot on the Red Sea coast to the finance ministry for use in Islamic bond issuances and in efforts to lower the country’s public debt, the official gazette said on Tuesday. The gazette did not elaborate on how the land would be used, but Egypt, which has been mired in a slow-burning economic crisis, signed a $35 billion deal with the

Finance Min. eyes Red Sea land to spur economic growth - Egyptian Gazette

The Ministry of Finance has confirmed that the decision to allocate a prime plot of land in the Red Sea to the ministry is aimed at leveraging it for sovereign sukuk issuance and reducing government debt. This allocation does not involve the sale of the land, but rather its development and partial use as collateral to issue sovereign Islamic bonds. These bonds are intended to provide competitively financed resources to support the state’s genera…