FRA okays issuance of Egypt’s first future flow securitisation

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Sun, 06 Nov 2022 - 07:34 GMT

BY

Sun, 06 Nov 2022 - 07:34 GMT

FILE - FRA

FILE - FRA

CAIRO - 6 November 2022: The Financial Regulatory Authority (FRA) on Sunday gave the green light for the first issue of Egypt’s first future flow securitization multi-issuance program.
 
Issued by the Financial Group for Securitization, the program's first issue stood at LE 800 million, according to a bourse statement on Sunday.
 
The three-year program is concluded in favour of Cairo For Investment And Real Estate Development (CIRA). The program’s first issuance shall not exceed LE 800 million for a period of seven years.
 
The issuance is comprised of three tranches. The first tranche is valued at LE 96 million, whilst the second and third tranches amount to LE 304 million and LE 400 million, respectively.
 
In July 2022, FRA allowed the Financial Group for Securitization to issue the first future flow securitisation multi-issuance programme at a value of LE 2 billion. 

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