By: Islam Fadl
Cairo – Mubasher: The National Bank of Egypt is reportedly engaging in an EGP 10 billion securitisation agreement for Egypt’s New Urban Communities Authority, an informed source told Mubasher.
The bank’s share in the deal amounts to EGP 2.3 billion, while the shares of Commercial International Bank, Housing and Development Bank, and Arab African International Bank stand at EGP 2.3 billion, EGP 2 billion, and EGP 1 billion, respectively, the source added.
The source added that negotiations are conducted with an additional bank to join the securitisation deal.
The New Urban Communities Authority will use the securitisation returns to fund a plan to build 20 new fourth-generation cities, according to a previous statement by deputy housing minister Khalid Abbas.
The first tranche of the authority’s securitised bonds will be used to finance three property projects executed in collaboration with a group of developers.
Translated by: Muhammad Abdul-Wakeel