4 banks manage EGP10bln securitization bond of NUCA

The National Bank of Egypt, CIB, and the Arab African International Bank, Housing And Development Bank are managing 10 billion Egyptian pounds of the securitization bond  of New Urban Communities Authority (NUCA).

The National Bank of Egypt is contributing with 2.3 billion pounds in covering these bonds according to a source with knowledge.

NUCA will direct the amount resulting from securitization process to finance part of a plan to establish 20 new fourth-generation cities, according to previous statements from Khaled Abbas, Deputy Minister of Housing.

NUCA has issued securitization bonds of 9 billion pounds in 2009 that was managed by The National Bank of Egypt, Banque Du Caire, Banque Misr, CIB and HSBC.

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