Dr. Ahmed El Naggar, Adviser to Egypt’s Minister of Finance and responsible for Sukuk draft file, announced that US JP Morgan Chase & Co. delegation will be visiting Egypt on Wednesday. The visit aims to conduct talks with the country’s Finance Ministry over the Sukuk (Islamic bonds) draft law, to discuss the opportunities to get benefit from the global financial institution’s expertise in marketing and also to tackle the possibilities of contributing to offering financing services for the bonds’ IPOs.
In an exclusive statement to Amwal Al Ghad, El Naggar referred that international financial institutions and banks such as Deutsche Bank AG, HSBC Holdings Plc, Crédit Agricole Group, JP Morgan and Islamic Development Bank (IDB) have expressed their keenness to contribute to Egypt’s sukuk project through offering financing, marketing services after the ratification of the draft law.
Adviser to Egypt’s Minister of Finance further described that the country’s experience in launching the Sukuks will be different and unique for being new fresh financing tool.
In fact, Egypt’s delay in launching such bonds shall enable the country to avoid the previous mistakes, that’s why the various world-wide financial institutions will be willing to cooperate with Egypt for the latter’s economic potentials and unexploited natural resources.
US JP Morgan is one of the oldest and largest financial services groups in the world, holding capital assets of 793 billion U.S. dollars and setting up tens of foundations as well as asset management companies, serving more than 90 million clients in more than 50 countries and regions.
