Egypt’s New Urban Communities Authority (NUCA) has concluded a securitization bond issue worth EGP 4 bn to finance a number of its underway megaprojects cross-country, Invest-Gate reports.

“We successfully closed this issuance of NUCA’s securitization bond in which the net proceeds will be used to finance the development of new sustainable cities and other national projects to be delivered in a timely manner,” Mazen Hassan, vice president of the New Urban Communities Authority (NUCA), said in a press release on November 23.

Sarwa Promotion and Underwriting, as well as Banque Misr, acted as lead managers, arrangers, and co-underwriters on the transaction, according to the statement. In addition, the Arab Legal Consultants (ALC) acted as a legal advisor for the bond issuance, which received a rating of AA- by Middle East Ratings and Investors Service (MERIS), it added.

The transaction’s success is backed by extensive engagements and consultations by the strategic alliance between Sarwa Capital Holding for Financial Investments and Banque Misr with a number of international and local banks and institutions including the European Bank for Reconstruction and Development (EBRD), which is also a major participant in the bond issuance, the statement noted.