Egypt prepares to sell $2 bln Islamic bonds: scholar | Reuters

The Egyptian government, seeking to head off a funding crisis, is preparing to raise about $2 billion through its first issue of Islamic bonds, an Islamic scholar familiar with its planning said on Tuesday.

"The Egyptian government is convinced that a foreign currency sukuk will fund the country's development projects and can also bridge the gap in its currency reserves," Sheikh Hussein Hamid Hassan told Reuters.

"The sukuk will be in dollars or euros or maybe a combination. It will be around $2 billion, issued in several tranches targeting mainly Egyptians living outside Egypt."

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