{"id":575986,"date":"2020-11-05T03:43:07","date_gmt":"2020-11-05T03:43:07","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/05\/egypt-moves-closer-to-first-sovereign-sukuk-sale-as-cabinet-approves-draft-law\/"},"modified":"2020-11-05T03:43:07","modified_gmt":"2020-11-05T03:43:07","slug":"egypt-moves-closer-to-first-sovereign-sukuk-sale-as-cabinet-approves-draft-law","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/05\/egypt-moves-closer-to-first-sovereign-sukuk-sale-as-cabinet-approves-draft-law\/","title":{"rendered":"Egypt moves closer to first sovereign sukuk sale as cabinet approves draft law"},"content":{"rendered":"

<\/a> CABINET WATCH- We\u2019re one step closer to our first-ever sovereign sukuk <\/strong>issuance <\/strong>after the Madbouly Cabinet yesterday approved<\/a> a bill authorizing sukuk sales. The executive regulations for the bill are expected to be issued within three months of it being ratified by the president. Reuters<\/a> took note of the bill winning cabinet signoff<\/p>\n

The government will take the securities to market as soon as the bill is ratified<\/strong>, Finance Minister Mohamed Maait said in a statement<\/a> following the meeting. The size of the country\u2019s inaugural sale is still unclear.<\/p>\n

The bill defines the different types of sukuk<\/strong>, which includes the basic ijara<\/a> and mudaraba<\/a>, which set up a partnership between the government and a special purpose vehicle (SPV) that manages state-owned assets; istisna sukuk<\/a>, whose proceeds are specifically allocated to industrial and infrastructure projects; and murabaha<\/a> sukuk that involve a sale of an asset or commodities under spot contracts. The Finance Ministry would be able to issue both EGP- and foreign currency-denominated securities.<\/p>\n

The bill also governs how the debt is securitized and traded, as well as the rights and responsibilities of sukuk holders<\/strong> and SPVs that execute and manage sukuk sales. Other elements involve establishing a regulatory oversight committee, clarifying how disputes between the government and sukuk holders would be handled, and setting up an association to protect the rights of investors, the statement said without going into further details.<\/p>\n

The anticipated sukuk issuance comes as part of a plan to <\/strong>diversify its sources of funding<\/a><\/strong> and lengthen the average maturity of its debt. Green bonds are also part of the plan: Egypt became the first country in the region to sell the climate-friendly securities when it completed a USD 750 mn issuance in September.<\/p>\n

Also from the cabinet meeting: <\/strong><\/p>\n

T<\/strong>hree bills<\/strong> that authorize the Oil Ministry to sign oil exploration contracts <\/strong>earned cabinet signoff. IEOC, Eni\u2019s joint venture with the EGPC, and Russian firm Lukoi<\/a>l<\/a> will explore and develop the Meleiha concession in the Western Desert, while a second contract will see EGPC collaborate with BP in the Gulf of Suez. The third agreement brings together state-owned South Valley Egyptian Petroleum Holding Company (Ganope) and Enpedco<\/a>, a company majority-owned by the military\u2019s National Service Projects Organization, to explore a region in the Eastern Desert.<\/p>\n

An agreement between the National Authority for Tunnels and Chinese consortium AVIC-CREC was approved<\/strong>, allowing the companies to begin implementation of phase two and three of the electric train project. Phase one of the project stretches a 70-km line<\/a> between Al-Salam City, the New Administrative Capital, and Tenth of Ramadan City, and is expected to be completed in two years and serve some 350k passengers per day.<\/p>\n","protected":false},"excerpt":{"rendered":"

CABINET WATCH- We\u2019re one step closer to our first-ever sovereign sukuk issuance after the Madbouly Cabinet yesterday approved a bill authorizing sukuk sales. The executive regulations for the bill are expected to be issued within three months of it being ratified by the president. Reuters took note of the bill winning cabinet signoff The government […]<\/p>\n","protected":false},"author":1,"featured_media":575987,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[88,93,72,2337,180,91,343,2380,280],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-575986","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-debt-watch","tag-energy","tag-enterpriseam","tag-islamic-finance","tag-legislation","tag-oil-and-gas","tag-regulation","tag-speed-round","tag-sukuk","wpautop","entry"],"acf":{"mongo_id":"7f1de01a-6e3e-420b-93d3-6926dfc21c73","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/11\/69.jpg","photo_position":"above","related_issue":[575981],"teaser":"","voice_url":""},"yoast_head":"\nEgypt moves closer to first sovereign sukuk sale as cabinet approves draft law - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/11\/05\/egypt-moves-closer-to-first-sovereign-sukuk-sale-as-cabinet-approves-draft-law\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt moves closer to first sovereign sukuk sale as cabinet approves draft law\" \/>\n<meta property=\"og:description\" content=\"CABINET WATCH- We\u2019re one step closer to our first-ever sovereign sukuk issuance after the Madbouly Cabinet yesterday approved a bill authorizing sukuk sales. 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Maait said parliament will decide whether to vote on the bill during this legislative or the next, adding that the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":566240,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/06\/sovereign-sukuk-act-gets-early-nod-at-the-house\/","url_meta":{"origin":575986,"position":1},"title":"Sovereign Sukuk Act gets early nod at the House","author":"enterpriseam admin","date":"6 June 2021","format":false,"excerpt":"Sovereign sukuk get early House nod: The House of Representatives has approved \u201cin principle\u201d the long-awaited Sovereign Sukuk Act in a plenary session this afternoon, paving the way for the government\u2019s inaugural sukuk issuance once it is signed into law, according to Ahram Gate. The bill, which still needs a\u2026","rel":"","context":"In "SPEED ROUND: LEGISLATION WATCH"","block_context":{"text":"SPEED ROUND: LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/430.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568065,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/16\/parliament-pushes-sukuk-law-to-2021\/","url_meta":{"origin":575986,"position":2},"title":"Parliament pushes Sukuk law to 2021","author":"enterpriseam admin","date":"16 December 2020","format":false,"excerpt":"The bill that lays the groundwork for Egypt\u2019s first sovereign sukuk sale is being put on hold until the new class of MPs is seated in the House of Representatives next month. The current House of Representatives was expected to begin discussions yesterday of the bill, but ultimately pushed it\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/291.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":560866,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/house-mulls-changes-to-sovereign-sukuk-act\/","url_meta":{"origin":575986,"position":3},"title":"House mulls changes to Sovereign Sukuk Act","author":"enterpriseam admin","date":"16 March 2021","format":false,"excerpt":"Egypt to exempt sovereign sukuk from local regulatory oversight: A state-owned special purpose vehicle (SPV) that would be set up under the Sovereign Sukuk Act to manage the government\u2019s sukuk sales may not be subject to oversight from the Financial Supervisory Authority if an amendment to a proposed framework governing\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/214.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564488,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/09\/one-step-closer-to-our-first-sovereign-sukuk-sale\/","url_meta":{"origin":575986,"position":4},"title":"One step closer to our first sovereign sukuk sale","author":"enterpriseam admin","date":"9 February 2021","format":false,"excerpt":"The House of Representatives\u2019 Economic Committee finalized today its amendments to the Sovereign Sukuk Act, which sets the framework by which Egypt will issue sovereign sukuks, according to Al Mal. Most of the amendments appear to be largely cosmetic \u2014 including referring to the special purpose vehicle (SPV) that will\u2026","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/422.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":569373,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/23\/egypt-inches-closer-to-maiden-sukuk-issuance-as-finmin-completes-sukuk-act\/","url_meta":{"origin":575986,"position":5},"title":"Egypt inches closer to maiden sukuk issuance as FinMin completes Sukuk Act","author":"enterpriseam admin","date":"23 February 2020","format":false,"excerpt":"LEGISLATION WATCH- Egypt inches closer to maiden sukuk issuance as FinMin completes Sukuk Act: The Finance Ministry has completed the drafting of the Sovereign Sukuk Act and passed it to cabinet for review, an official draft suggests (pdf). Cabinet will, after approving the legislation, send it to the House of\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/575986","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=575986"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/575986\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/575981"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/575987"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=575986"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=575986"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=575986"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=575986"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=575986"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}