Arab Finance: The New Urban Communities Authority (NUCA) is planning to issue sukuk worth up to EGP 260 billion in the local market within 2024, four sources familiar with the matter told Asharq Business.

This issuance is considered the first of its kind by a government institution, the sources said.

One source noted that two investment banks affiliated with state-owned commercial banks act as financial advisors for the issuance.

Proceeds from the sukuk issuance will be directed toward settling debts due to Banque Misr and the National Bank of Egypt (NBE), the source added.

The source expects the issuance’s procedures to be completeed within a month, adding that it will be guaranteed by the Ministry of Finance.

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