Finance Ministry Seeks Technical Support For Sukuk From CitiBank

The Egyptian Ministry of Finance will meet on Tuesday officials from CitiBank for the fourth time to discuss possible ways to receive technical support from the bank to issue sukuk (Islamic bonds), said Dr. Ahmed El Naggar, adviser to the Minister of Finance and the one responsible for sukuk.

Egypt has made progress in negotiations with many international financial institutions to receive the required technical support and market sukuk all over the world, he added.

The Ministry received offers to establish 20 projects. Feasibility studies of four projects, which will be financed through sukuk, have been submitted and they are: Ain Shams-10th of Ramadan Train Project (requires investments worth EGP 4.5 billion), Black Sand Project in Kafr El-Sheikh (requires investments worth US$ 150 million) and Silos Project which will be launched next July  and it requires investments worth EGP 4 billion.