Cairo –  The Commercial International Bank-Egypt (CIB) announced the closure of 11 securitisation and nominal bond issuances during 2022 worth more than EGP 32 billion, state-run MENA News Agency reported.

The bonds covered different sectors, including consumer finance, real estate finance, finance lease, and microfinance.

The issuances further comprise the biggest securitisation bond issuance in the Egyptian debt market for New Urban Communities Authority (NUCA) to finance some underway projects in new urban areas and 4th generation cities such as the New Administrative Capital (NAC) and New Alamein City.

During the fourth quarter (Q4) of 2022, CIB completed four securitisation bonds at a total value of up to EGP 4.32 billion for Egypt's B.TECH, MNT-Halan, Drive Finance and Non-Banking Services, and GB Lease.

During the first nine months (9M) of 2022, the consolidated net profits of CIB registered EGP 12.19 billion, a jump from EGP 9.87 billion in the corresponding period in 2021.

As for the separate financials, the bank achieved EGP 12.20 billion in net profits during 9M-22, compared with EGP 9.89 billion in 9M-21.

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