Golden Coast Company mulls first green sukuk issue in Egypt – reports

Golden Coast Company, an affiliate of Golden Pyramids Plaza, is considering issuing its first green sukuk (Islamic bond) in Egypt, according to local media reports.

The issuance, worth 8 billion Egyptian pounds ($259 million) is set to finance Golden Coast’s project in Soma Bay in the Red Sea, said the media reports.

The company is preparing all the documents required to obtain the Egyptian Financial Regulatory Authority’s (FRA) approval for the issuance, they added. Al-Ahly Pharos will act as the financial advisor and promoter of the issuance, while Al-Derini and Co. will be the legal advisor.

Egypt witnessed a single green issuance by the Commercial International Bank (CIB Egypt) in 2021, at a value of $100 million, in which the International Finance Corporation (IFC) fully subscribed to finance projects to help transition to a low-carbon economy.