Egypt sells $1 billion in Islamic bonds to Kuwait’s largest bank

Egypt has sold $1 billion in Islamic bonds to Kuwait’s largest bank, Kuwait Finance House, in the North African nation’s latest effort to diversify financing after a series of economic challenges, according to reporting by Bloomberg. Egypt’s Finance Ministry said on Wednesday in a statement Kuwait Finance House bought the three-year sukuk in a private placement, with an annual yield of 7.875%. Kuwait itself has $4 billion in deposits in Egypt’s central bank.