Egypt’s NUCA signs EGP 50 bn syndicated loan agreement

The New Urban Communities Authority (NUCA) has borrowed EGP 50 bn from a consortium of local banks headed by the National Bank of Egypt and Banque Misr to finance developments in new cities, Al Mal reports, citing sources familiar with the matter. The loan will carry an interest rate of 7.25% — 2.5% lower than the Central Bank of Egypt’s overnight lending rate — to reduce the financial burden on the authority.