Downgrading Credit Rating not to Affect Sukuk Application

Finance Minister Fayyad Abdel Monem stressed that downgrading Egypt's credit rating would not affect the Sukuk (Islamic bonds) application. "Upgrading or downgrading credit rating only influences the bonds but the Sukuk is a new financial tool related to the ownership of existing or to-be-established assets," the minister said at a conference on the practical applications of the Sukuk. What guarantee the rights of Sukuk holders is the assets themselves, he said. On the other hand, Abdel Moneim disclosed that negotiations are under way with Qatar regarding a new package of financial assistance at the value of $ 3 billion, noting that details and timing of this assistance will be announced by Governor of the Central Bank of Egypt (CBE) Hisham Ramez.