Algeria's first sovereign sukuk issuance exceeds expectations, raising nearly 300 billion dinars
via Algérie3603 hours ago2 min read
Algeria's first issuance of "Ijara – usufruct" sovereign sukuks has seen subscriptions reach nearly 300 billion dinars in two and a half months, exceeding the target of 296.65 billion dinars. The Minister of Finance, Abdelkrim Bouzred, announced this success during a plenary session of the Council of the Nation, stating that over 80% of the sukuks issued by the Public Treasury have been subscribed. This financial instrument, inspired by Islamic finance, is designed to fund major infrastructure projects and public equipment. The sukuks have a nominal value of 100,000 DA and 1 million DA, a seven-year duration, and offer an annual return of 6%. The subscription period, initially set for two months, has been extended until April 30. Bouzred highlighted that this success paves the way for broader financial inclusion in Algeria. The Ministry of Finance is also developing a new mechanism to implement and monitor investment operations, aiming to streamline public investment portfolios and enhance the efficiency of financial decisions. The minister emphasized the importance of rationalizing public spending and optimizing resource utilization, promising to provide detailed data on direct and indirect state support to promote budgetary transparency.
Stay in the loop
Get the pulse of Africa in your inbox
Free daily or weekly digest of the most important stories from across 10 countries. No spam, unsubscribe any time.
#Algeria#AlgeriaNews#Algiers#Maghreb#NorthAfrica
Original source
This summary was AI-generated from a story originally published by Algérie360.
