Egyptian finance ministry gets greenlight to begin sovereign sukuk issuance

ArabFinance: The Egyptian Ministry of Finance has received the approval of the Cabinet to begin the procedures for issuing sovereign sukuk in the international markets, according to an official statement by the Egyptian Cabinet.

The Cabinet also endorsed the presidential resolution regarding the addition of $28.32 million to the Assistance Grant Agreement between Egypt and the US, to bring the total amount of the grant to $155.88 million.

This decision aims at supporting micro-, small-, and medium-sized enterprises (MSMEs) and entrepreneurship, as well as technical vocational education, training and workforce development.

Moreover, the Cabinet endorsed the presidential resolution to reallocate some state-owned land plots to the General Authority for Reconstruction and Agricultural Development in Assiut, Minya, and Beni Suef to be used in various development projects.

The Cabinet also agreed upon the reallocation of a number of state-owned land plots in Assiut and Minya to the New and Renewable Energy Authority (NREA) to be used for solar and wind projects.

These decisions came on the sidelines of a meeting headed by Prime Minister Mostafa Madbouli on Wednesday.

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