EBRD's approval to participate in NUCA's bond issuance reflects confidence in Egyptian economy

CAIRO – 22 July 2020: The European Bank for Development and Reconstruction's (EBRD) approval to participate in the latest bond issuance put forward by the New Urban Communities Authority (NUCA), confirms the confidence that the Egyptian economy enjoys internationally from development partners and international financing institutions, following the success of the economic reform program applied by Egypt during the past years, Minister of International Cooperation Rania Al-Mashat said Wednesday.

Al-Mashat added in a statement, that the contribution of the EBRD comes within the framework of the Ministry of International Cooperation’s endeavor to provide the necessary funds for development projects and diversification of funding sources, as well as a product of the platform for joint coordination between the multilateral and bilateral development partners that the Ministry launched last April , with the aim of strengthening dialogue and cooperation frameworks between the government and development partners, to shed light on development efforts in various sectors and to determine financing priorities.

She explained, that the project is in line with the partnership strategy pursued by the Ministry of International Cooperation with development partners and international financing institutions, based on 3 main axes (the citizen is the focus of attention and ongoing projects and the goal is the driving force), in order to highlight the partnerships in order to achieve sustainable development, which It is a priority across all sectors.

On Tuesday, EBRD announced supporting 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, the securitization special purpose company of NUCA.

According to EBRD, this support will bring the Bank’s total contribution to LE 3 billion (€173 million) in NUCA’s LE 20 billion bond program.

EBRD rises its contribution in Egypt's LE20B bond program to LE 3B

CAIRO - 21 July 2020: The European Bank for Reconstruction and Development (EBRD) announced Tuesday supporting 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, the securitisation special purpose company of NUCA.

The statement also referred to the bond sale deal issued by the Urban Communities Authority at a value of LE 4 billion with a participation of LE 500 million from the European Bank for Development and Reconstruction during the past year, which won earlier in 2020 the "Deal of the Year 2020 - Africa" ​​award in the securitization category by The Banker.

Egypt also previously won two international awards from the European Bank for Reconstruction and Development for its outstanding efforts in the field of sustainability for 2020, especially in the fields of renewable energy, environmental conservation and women's empowerment, within 11 countries worldwide, as part of the awards granted by the Department of Environment and Sustainability of the European Bank For the reconstruction and development of institutions and companies that have made outstanding contributions in five areas: (sustainable energy), (climate resilience), (environmental and social practices, environmental and social innovation), (gender and economic empowerment of women), and (inclusion).