Egypt’s Minister of Finance, Ahmed Kouchouk described on Friday at the state’s economic performance indicators as “good”, nourishing economic stability efforts in the first two months of fiscal year 2024/25, which began on July 1.
Minister Kouchouk has unveiled that the state is considering issuance of green bonds and domestic sukuk within the framework of a strategy to ease the ratio of debt to gross domestic product (GDP), citing aspirations to draw on the expertise of the International Islamic Trade Finance Corporation (ITFC) in upgrading the process of issuing Egyptian sukuks.
The minister’s remarks were made during his meeting with Hani Sonbol, CEO of ITFC, yesterday.Kouchouk told Sonbol, who is alsothe Acting CEO of the Islamic Corporation for the Development of the Private Sector (ICD), that Egypt supports productive and export activities and agricultural development and food security projects.
“We are working on restoring the confidence of local and foreign investors within the framework of an integrated system for economic reform,” Kouchouk said, pointing out that a new package of tax reformswill soon include simplified solutions to any challenges facing the tax community.
He has made it clear such solutions would ease procedures for micro, small and medium-sized companies, as well as freelancers.
For his part, Sonbol has said ITFC is keen on cooperating with the Ministry of Finance and support stimulating policies to improve the performance of the Egyptian economy.
“We are also interested in supporting any export activities in the field of food security and energy,” Sonbol added.
