Egypt Finance Ministry signs first conventional Islamic financing to support public budget
03-09-2020 07:04:37 | by: Bob Koigi | hits: 912 | Tags:

Egypt’s Finance Ministry has signed the first Islamic conventional financing which aims at supporting Egypt's public budget and economy in order to maintain its powerful track in face of current upheavals in international markets.

In a statement Finance Ministry said the House of Representatives approved the finance deal, adding that UAE Dubai National Company Limited, the banking branch of UAE Dubai Bank and First Abu Dhabi Bank (FAB) are involved in the deal as the main negotiating partners and directors of the public offering.

The statement said the National Bank of Abu Dhabi (NBA) and FAB are signatory to the deal as a documentation banks and international agents for the investment funding.

Despite the tough challenges facing the market due to the impact of the coronavirus crisis, this public offering will gain high turnout as the finance ministry increased its value from $1.5 billion to $2 billion, reflecting the regional and international investors' confidence in the Egyptian economy and its stable credit rating.

Minister of Finance Mohamed Maait said the ministry is keen on the participation of regional and international banks in such financing deal which proves Egypt's success in implementing its economic reform program.