Cairo – Mubasher: Egypt’s cabinet has approved the ministry of housing, utilities, and urban communities’ request regarding the issuance of securitisation bonds by the New Urban Communities Authority (NUCA).

The EGP 10 billion bonds will be issued in two tranches each worth EGP 5 billion, according to the cabinet’s statement on Wednesday.

The step will provide NUCA with the requisite financing to implement the required projects on time, especially the fourth-generation cities.

The government also approved the housing ministry’s request for allowing NUCA to receive a two-tranche loan with a combined value of EGP 20 billion from commercial banks.