| Project Detail |
A participation of up EGP 1.0 billion (EUR 55 million equivalent) in a securitised local currency multi-tranche bond issuance (the Issuance), in the total amount of EGP 6 billion, in favour of the El Taamir for Securitization Company (El Taamir, and the Issuer). The Issuer, an SPV established by the New Urban Communities Authority (the Sponsor, NUCA), purchased receivables from the Sponsor, and the proceeds of the Issuance will be used to refinance existing short-term loans of NUCA advanced by commercial lenders under a bridge facility. Project Objectives The transaction enables the use of the Short Term Debt Instrument (STDI) developed through a TC project between the Egyptian Financial Regulatory Authority and EBRD in the domestic debt capital market for the first time and supports the Egyptian debt capital market in terms of liquidity and transaction volume. The transaction will allow NUCA to restructure its balance sheet and strengthen its financial capacity. The Banks participation will help to build the necessary institutional capacity and procedures to develop a sustainable and efficient infrastructure Asset Management and Investment Plan for NUCA. |
