The New Urban Communities Authority (NUCA) has agreed with a banking consortium on a EGP 6 bn loan to meet “urgent” financial needs, banking officials told Al Shorouk. The consortium includes the National Bank of Egypt, CIB, the Arab African International Bank, and the Housing & Development Bank. The loan is part of EGP 20 bn-worth of financing NUCA is looking to secure. The Finance Ministry will guarantee NUCA’s loan as well as its planned EGP 10 bn securitization bonds.

Tags: