El Taamir for Securitization Company

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

A participation of up EGP 1.5 billion (EUR 83 million equivalent) in two securitised local currency bond issuances (the "Issuances"), in the total amount of EGP 10 billion, in favour of the El Taamir for Securitization Company ("El Taamir", and the "Issuer").

The Issuer, an SPV established by the New Urban Communities Authority (the "Sponsor", "NUCA"), purchased receivables from the Sponsor, and the proceeds of the Issuance will be used to refinance existing short-term loans of NUCA advanced by commercial lenders under a bridge facility.

Project ID 51256

Status Signed

Location

Egypt

Business Sector

Municipal Infrastructure

Notice Type

State

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Company Contact Information

Mr. Mohamed Mohamed Mahmoud Abou Raya
M.Aburiah@Taamir-Sec.com
+20233364631
26 El Kroum st., Floor 18, Mohandeseen, Giza

Project ID 51256

Status Signed

Location

Egypt

Business Sector

Municipal Infrastructure

Notice Type

State

Environmental Category

Approval Date

24 Jul 2019

Disclosure date

06 Nov 2019

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

El Taamir for Securitization Company Arabic (PDF, 0.82MB)

Project description

Project objectives

The transaction enables the use of the Short Term Debt Instrument (STDI) developed through a TC project between the Egyptian Financial Regulatory Authority and EBRD in the domestic debt capital market for the first time and supports the Egyptian debt capital market in terms of liquidity and transaction volume.

The transaction will allow NUCA to restructure its balance sheet and strengthen its financial capacity.

The Bank's participation will help to build the necessary institutional capacity and procedures to develop a sustainable and efficient infrastructure Asset Management and Investment Plan for NUCA.

Transition impact

ETI Score:60

sition impact of the project is expected to derive from the:

(i) Resilient transition quality by supporting the development of the local currency-denominated bond market in Egypt and the first-time use of a new short-term capital market debt instrument; and

(ii) Well-governed quality through the development of an Asset Management and Investment Plan for the assets held by NUCA.

Client information

EL TAAMIR FOR SECURITIZATION COMPANY SAE

El Taamir (the "Issuer") is a special purpose vehicle (SPV) established in 2009 by NUCA to securitise NUCA's portfolio of land sale contracts to provide NUCA with the necessary liquidity to finance development of its new cities infrastructure.

NUCA is an economic authority responsible for developing the Egyptian new urban communities. NUCA is legally independent but is fully owned and controlled by the Government of Egypt through the Ministry of Housing, Utilities and Urban Communities ("MoHUU").

EBRD Finance Summary

EGP 1,498,158,080.00

(EUR 83 million equivalent)

Total project cost

EGP 10,000,000,000.00

(EUR 530 million equivalent)

Additionality

The Bank's participation supports diversifying the range of financial products, including short term debt instruments, and developing the corporate bond market as an alternative to bank-led finance. It also supports sub-sovereign lending in new markets to build capacity and diversify funding sources, and acts as a catalyst for capital market transactions to increase market confidence and encourage private investments.

Environmental & Social Summary

Categorised B (2014 ESP). Environmental and Social (E&S) due diligence was undertaken by ESD and was confined to a review of the Information Memo as well as publicly available information relating to the Company and the bond issue. Specifically regarding the three projects refinanced by the bond issue, the due diligence revealed no risks associated with land acquisition or other significant environmental or social issues. A corporate Environmental and Social Action Plan has been agreed as part of the Framework Agreement to commit the Company to developing policies and procedures for managing key E&S risks relating to their future operations in line with the Bank's Performance Requirements. There is no GET associated with this project.

Technical Cooperation and Grant Financing

The project is expected to benefit from the following Technical Co-operation assignment:

Assistance of the preparation of an Asset Management and Investment Plan for NUCA, with an estimated cost of EUR 900,000.

Company Contact Information

Mr. Mohamed Mohamed Mahmoud Abou Raya
M.Aburiah@Taamir-Sec.com
+20233364631
26 El Kroum st., Floor 18, Mohandeseen, Giza

PSD last updated

12 Dec 2019

Understanding transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with the EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and its associated Environmental and Social Requirements (ESRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the ESRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation, and to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about the environmental and social (E&S) performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD also requires its clients to disclose information, as appropriate, about the risks and impacts of projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all of the Bank's activities in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The EBRD believes that identifying and resolving issues in the project assessment and approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts andhelps to monitor integrity risks in projects post-investment.

OCCO is further responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, either within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. OCCO will follow-up all matters reported. It will review all matters reported. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP, which entered into force on 1 January 2025, sets out how the EBRD discloses information and consults with its stakeholders to promote better awareness and understanding of its strategies, policies and operations. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (for example, through the client’s project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the mechanism is: to support dialogue between project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or the project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate and how to submit a Request for review. Alternatively, contact IPAM by email at ipam@ebrd.com for guidance and more information on IPAM and how to submit a request.

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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El Taamir for Securitization Company

Overview

Project timeline

Company Contact Information

Project description

Project objectives

Transition impact

Client information

EBRD Finance Summary

Total project cost

Additionality

Environmental & Social Summary

Technical Cooperation and Grant Financing

Company Contact Information

PSD last updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)