(3 minutes read)
· The European Bank for Reconstruction and Development (EBRD) has decided to support Egypt’s New Urban Communities Authority (NUCA) in its plans to diversify funding sources by tapping the debt capital market with an investment of LE 1.5 billion (€86.5 million) in the latest LE 10 billion bond issuance by El Taamir.
· EBRD also will be supporting the Egyptian Economy with a US$ 200 million financing package to National Bank of Egypt (NBE).
· It will also get involved in on-lending to local companies impacted by the coronavirus pandemic. Egypt has been a shareholder of the EBRD since it was founded in 1991. The EBRD started investing in the country in 2012.
The European Bank for Reconstruction and Development (EBRD) has decided to support Egypt’s New Urban Communities Authority (NUCA) in its plans to diversify funding sources by tapping the debt capital market with an investment of LE 1.5 billion (€86.5 million) in the latest LE 10 billion bond issuance by El Taamir.
This support will bring the EBRD’s total contribution to LE 3 billion (€173 million) in NUCA’s LE 20 billion bond programme.
The NUCA, with the help of this funding will continue developing new sustainable towns on desert lands with the aim of relocating some of Egypt’s population away from the narrow strip of the Nile Delta. This will help create new job opportunities .NUCA has developed more than 20 cities in Egypt, attracting strong support of the private sector including developers and contractors.
The EBRD’s contribution will also support the development of the local currency bond market in Egypt. The bond will be listed on the Egyptian stock market, which help the bond market in the country to gain ground. EBRD also will be supporting the Egyptian Economy with a US$ 200 million financing package to National Bank of Egypt (NBE). It will also get involved in on-lending to local companies impacted by the coronavirus pandemic.Egypt has been a shareholder of the EBRD since it was founded in 1991. The EBRD started investing in the country in 2012.
