The Egyptian Financial Co. For Sovereign Taskeek - (EFC-ST)

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The Egyptian Financial Co. For Sovereign Taskeek

Within the framework of the pivotal role played by the Ministry of Finance in managing the state's general budget and organizing and managing government debt by using innovative financial tools that contribute to diversifying funding sources and targeting a new segment of investors in the global market, which will have an impact on reducing the cost of financing on the state's general budget on the medium and long term, and given the importance of sovereign sukuk as one of the non-traditional financing tools in financing the needs of the Egyptian state to implement various development projects included in the general budget, The Egyptian Financial Company for Sovereign Sukuk was established. It's an Egyptian joint stock company that's wholly owned by the Ministry of Finance, with the sole purpose of issuing sovereign sukuk, managing and implementing the sukuks process inside and outside the Arab Republic of Egypt, and having usufruct rights over the assets on the basis of which the sukuks are issued, in its capacity as an agent for the owners of the sovereign sukuks.

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