Egypt to introduce sukuk, revisit international capital market soon: Finance Minister

Egypt is planning to introduce sukuk and revisit the international capital market to help finance its $36bn financing gap during fiscal year (FY) 2015/2016, Minister of Finance Hany Kadry Dimian said. In June, the Egyptian government sold 10-year international bonds worth $1.5bn, with revenue of 6%. Dimian added that the best bet to bridge the financing gap is to continue reforming the economy. The Suez Canal Zone that was entirely a military zone now is opening to everyone, Dimian added. The oil sector is also opening up to new private investors, Dimian noted. Moreover, having a fully fledged VAT system will increase competitiveness, he added, highlighting that competitiveness will help stabilise the pound.