Cairo – Mubasher: The European Bank for Reconstruction and Development (EBRD) is planning to invest EGP 1.5 billion in the New Urban Communities Authority’s (NUCA) latest securitised bond issuance worth EGP 10 billion.
This investment raises the EBRD’s total investment in NUCA’s bond programme to EGP 3 billion, according to a statement on Tuesday.
“As the largest issuance in the history of the local capital bond market with a maturity among the longest available, the issuance contributes to the deepening of the local capital market,” the statement showed.
The issuance is part of NUCA’s plans to diversify its funding sources to “continue developing new sustainable towns on desert land with the aim of relocating some of Egypt’s population away from the narrow strip of the Nile Delta.”
Since the commencement of its operations in Egypt since 2016, EBRD has invested more than EUR 6.5 billion in 115 projects in the most populous Arab nation.
