CAIRO - 2 August 2022:The Financial Regulatory Authority (FRA) said that it is studying a request by the New Urban Communities Authority (NUCA) to issue securitized bonds worth LE 20 billion.
The total amount of securitized bonds, which have been issued since the beginning of 2022 and after the approval of the NUCA's request, will reach LE 30 billion and it will be the biggest issuance of its kind in the Egyptian capital market.
In statements on Tuesday, FRA Chairperson Mohamed Omran said that with the launch of the first phase of the 2018/2022 comprehensive strategy for non-financial activities in 2018, the authority seeks to activate and develop debt instruments; corporate bonds, future-flow securitized bonds and sukuk, given their vital role in developing the Egyptian capital market and creating an added value for the national economy.
Following the approval of the NUCA's request, the total value of bonds and sukuk will up to LE 34 billion, Omran said.
In July, the authority said that it finalized receiving and discussing a number of proposals on the second stage of its 2022-2026 comprehensive strategy for non-financial activities.