Egypt successfully issued its first Islamic debt (Sukuk), attracting strong demand for over $5 billion. The initial size of the issue was set at $1.5 billion. According to the official report of the operation, the amount raised aims to alleviate the Egyptian monetary crisis, repay debt and finance investment and development projects. The sukuk will be listed on the London Stock Exchange by the Egyptian Finance Corporation for Sovereign Tasheek, a joint-stock company wholly owned by the Ministry of Finance. The show received a rating of (P) B3 from
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