Finance minister says sukuk used to attract new segments of investors

Egypt’s Finance Minister Mohamed Ma’eit said Sunday that Egypt’s vision to diversify financial resources and tools had proven to be correct.

Addressing a debate held as part of the Islamic Development Bank (IsDB) annual meetings in the Red Sea resort city of Sharm el Sheikh earlier today, Ma’eit said the government resorted to sovereign sukuk with the aim to attract new segments of Egyptian and foreign investors who would like to do business the Islamic way.

This, he added, is meant to reduce the cost of development finance through green sovereign sukuk and sustainable development sukuk that are used to secure the money needed to implement projects in accordance with an economic and social development plan outlined by the government.