NUCA borrows EGP 10 bn for infrastructure projects

The New Urban Communities Authority (NUCA) has borrowed EGP 10 bn from a consortium of banks to finance infrastructure projects, banking sources told Al Shorouk. This is the first tranche of a EGP 20 bn renegotiated loan from the European Bank for Reconstruction and Development and the National Bank of Egypt. The loan is backed by a Finance Ministry guarantee and the Central Bank of Egypt is subsidizing the interest payments. The authority is also planning to issue EGP 10 bn in securitized bonds during the second half of the current fiscal year, with the first EGP 6 bn-tranche expected to get underway in 3Q.