The bonds were issued by El-Taamir for Securitization Company (El-Taamir), a special-purpose vehicle set up by the New Urban Communities Authority (NUCA),

NUCA said that it would use the proceeds of the bond issuance for capital and operating expenditures, according to a statement on Thursday.

EBRD’s investment will support a range of projects covering drinking water, sanitation, treated water storage and pumping stations, street lighting, and power transmission, as per the statement.

Securitized bonds are backed by assets instead of the issuer's credit alone, providing more security. Special purpose vehicles (SPVs) are entities created to fulfil narrow, specific, or temporary objectives. They are often used to isolate financial risk for bonds and other assets, to isolate legal risk, for tax purposes, and to conceal activities from the public. 

El-Taamir issued EGP 20 billion securitized bonds in September 2022, Egypt’s largest securitised issuance to date.

The issuance was guaranteed by Egypt's Ministry of Finance and was listed on the Egyptian Exchange in November 2022.

The EBRD's Vice President for Banking Alain Pilloux stated in March that the bank anticipated investing $1.4 billion in Egypt in 2023.

Since 2012, the EBRD has invested over €10.4 billion in more than 160 projects in Egypt, with almost 55 percent of its portfolio invested in sustainable infrastructure.

The EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 36 economies across three continents. The Bank is owned by 71 countries as well as the EU and the EIB.