Algeria Set for Inaugural $2.3 Billion Sovereign Sukuk Issuance
Algeria is planning to issue its first-ever sovereign sukuk (Islamic bond) worth $2.3 billion (297 billion Algerian dinars) to address its growing budget deficit. The move is a significant step for the North African country, which has traditionally relied on oil and gas exports to finance its government spending. The sukuk issuance is expected to provide an alternative source of funding and diversify Algeria's financial instruments. The proceeds from the sukuk sale will be used to fund various development projects and infrastructure investments in the country. The issuance is part of Algeria's broader efforts to reform its economy and reduce its dependence on hydrocarbons. The successful launch of the sovereign sukuk could also pave the way for further Islamic finance initiatives in the country and potentially attract more foreign investment.
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