Cairo-agencies :
Egypt has appointed banks to sell its first issues of Islamic bonds" sukuk " denominated in US dollars, according to a document seen by Reuters.
The document showed that the key managers and joint bookkeepers are Abu Dhabi Islamic Bank, Citi, Credit Agricole, Emirates NBD Capital, First Abu Dhabi Bank, etc.S. s.P.C. C.
These banks will start meeting with investors from Friday, the document said.
This will be followed by the sale of standard - sized sukuk for a period of three years - usually not less than 500 million dollars-depending on market conditions.
Bloomberg reported on Wednesday that Egypt is seeking to raise up to 1.5 billion dollars next week through the sale of sukuk.
Egypt is seeking to finance a large dollar financing gap as a result of the major economic challenges it faces due to the Russian-Ukrainian war, which contributed to the rise in food and energy prices and damaged its revenues from tourism.
Last week, Moody's downgraded Egypt's credit rating to non-investment grade, B3 from B2, citing the decline in its foreign exchange reserves and its low ability to absorb external shocks.
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