The Banker, a sister publication of the Financial Times, granted the New Urban Communities Authority’s (NUCA) EGP 4 bn bond issuance the “Deal of the Year 2020 – Africa” award, Invest-Gate reports.

The European Bank for Reconstruction and Development (EBRD), which invested a total of EGP 1.5 bn in NUCA’s local currency program, poured EGP 500 mn in NUCA’s securitized bond issuance, which was arranged by Sarwa Capital Holding for Financial Investments and Banque Misr, the financial institution revealed in a recent official statement.

The issuance marked the second transaction under NUCA’s EGP 10 bn program. It aims to diversify its sources of financing and accessing a cost-effective and flexible alternative to traditional bank financing, the statement noted.

“The funds raised are particularly impactful, as NUCA has embarked on an ambitious investment plan to develop [more than 20] new cities to accommodate Egypt’s growing population away from the narrow strip of the Nile Delta. This will help stimulate the Egyptian economy and create new job opportunities for local people,” according to EBRD.

Sue Barrett, EBRD’s head of infrastructure for Turkey, Middle East, and Africa, underscored, “This landmark bond program will further support the deepening of the local debt capital markets in Egypt, and contribute to the much-needed diversification of investable EGP assets for the local and international institutional investor base.”