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Thursday, 9 May 2019

Cabinet approves EGP 10 bn securitization issuance and new investment zone in New Aswan

CABINET WATCH- Cabinet approves EGP 10 bn securitization issuance and new investment zone in New Aswan: The cabinet of Prime Minister Moustafa Madbouly approved a EGP 10 bn securitized bond issuance by the New Urban Communities Authority (NUCA) yesterday to help fund the agency’s projects, according to a cabinet statement on Wednesday. The issuance will take place in two EGP 5 bn tranches. Cabinet also approved the establishment of a 187 feddan freezone south of New Aswan. The new zone would be dedicated to a combination of both tech, agriculture and agrifood projects. The zone is expected to draw USD 2.3 bn in private sector investment and create as many as 15k jobs. Other decisions taken by Cabinet included:

  • Approving setting up a social welfare fund for the disabled;
  • Approving a USD 600,000 grant from South Korea for a feasibility study on the Abu Rawash wastewater treatment plant;
  • Approving a USD 14 mn contract with US firm Progress Rail to upgrade locomotives and import spare parts;
  • Approving information-sharing agreements between Agadir Pact countries (Egypt, Morocco, Tunisia, and Jordan);
  • Approving amendments to the penal code that would enforce child support and alimony payments by convicts.

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