Egyptian state-owned urban development enterprise, the New Urban Communities Authority (NUCA), has secured €27 million in funding from the European Bank for Reconstruction and Development (EBRD) to support the development of urban infrastructure projects in the country.
The €27 million package has been invested in a securitized local currency bond issued by NUCA’s special purpose vehicle El Taamir for Securitization Company, and will be used to support the development of a wide range of municipal infrastructure projects.
These include drinking water, sanitation, treated water storage and pumping stations, street lighting and power transmission projects.
In addition to the initial investment, EBRD will provide a €810,000 EBRD technical support package – financed by the Netherlands and supported by the Austrian, Canadian, Finnish, Korean, Swiss, U.K., Spanish and Taiwanese governments. The technical support package aims to advance sustainability and gender inclusivity in the governance of water resources.
The funding will also be used to support the development of green capital market products as NUCA prepares to launch its green bond issuance.