Jordan to issue $211M sukuk to finance National Electric Power Company

Published January 10th, 2016 - 02:00 GMT

Jordan’s Ministry of Finance has prepared a plan of estimated issuance of government bonds for the year 2016 which puts net domestic borrowing for the current year at some JOD 896 million. Separately, the MoF has also revealed plans to issue Sukuk worth JOD 150 million to provide finance for the National Electric Power Company.

Jordan News Agency Petra reported that Secretary-General of the Finance Ministry, Ezeddin Kanakriyeh, said the Sukuk would be tendered in two equal separate issuances.

The publication and dissemination of the large government funding plan falls within the fiscal reform programme implemented by the Ministry of Finance, which aims to improve Jordan’s public debt management and increase the effectiveness of the financing mechanisms of government needs to cover the budget deficit as well as to enhance transparency and financial disclosure, and to enable the banking system to obtain data on the government ‘s expected financial needs until the end of 2016.

The Ministry of Finance indicated that this indicative plan will be updated periodically in accordance with the requirements and developments in the light of the cash flow management plan prepared by the Ministry, which takes into consideration the value of the expected cash revenues and expenses through the implementation of the 2016 budget.

By Matthew Amlôt


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