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Press Release

EFG Hermes Concludes Advisory on the First Issuance in the Approved EGP 3.0 billion Program for Madinet Nasr Housing and Development in an EGP 300 million Securitization Transaction

Cairo, 11 January 2022

EFG Hermes’ investment banking division, the leading investment banking franchise in Frontier Emerging Markets (FEM), announced the close of the first issuance, worth EGP 300 million, in leading real estate development company Madinet Nasr Housing and Development’s (MNHD) three-year EGP 3.0 billion securitization program. The bond is backed by receivables portfolio of some EGP 373.9 million for the first issuance.


The bond is comprised of three fixed-interest tranches, with the first divided into fixed installments and the second and third tranches to be disbursed as pass-through of the proceeds of the portfolio. Tranche A is valued at EGP 120 million, with a tenor of 13 months, and a credit rating of (AA+) from Middle East Ratings and Investors Service (MERIS). Tranche B is valued at EGP 135 million, with a tenor of three years, and a credit rating of (AA) from MERIS. Finally, tranche C is valued at EGP 45 million, with a tenor of five years, and a credit rating of (A) from MERIS.


Maged El Ayouti, Managing Director and Deputy Head of Investment Banking at EFG Hermes, commented on the issuance, saying: “We are excited to further cement our leading role as providers of value-accretive solutions in Egypt’s Debt Capital Market (DCM) space with this latest step in our partnership with MNHD, a principal player in the real estate market. This issuance comes only two weeks following the funding of the EGP 750 million financing arranged and provided by EFG Hermes in late December 2021 in the form of a sale-and-lease back agreement, which is a testament to our ability to capitalize on our strong execution capabilities and cross-selling power to suit our clients’ needs.”


This transaction marks the second securitization issuance and the third financing advisory provided by EFG Hermes for MNHD. The first was MNHD’s debut securitization in 2019, while the second is the EGP 750 million financing funded in late December, with EFG Hermes’ Investment Banking division acting as the financial advisor for the transaction and EFG Hermes Corp-Solutions, a wholly-owned subsidiary of EFG Hermes Holding and one of Egypt’s leading leasing and factoring companies, acting as the lender.


“We are excited to take this next step that is an essential element of our newly established leadership strategy,” said Abdallah Sallam, President and Chief Executive Officer. “Our comprehensive partnership with EFG Hermes enables our Company to employ broader and more sustainable financing solutions that meet our long-term expansion goals, empowering us to continue developing high-quality real estate across our Taj City and Sarai projects.”





This issuance follows the Firm’s successful conclusions of an EGP 627.5 million securitization issuance for Pioneers Properties for Urban Development and the first issuance for EFG Hermes Corp-Solutions, valued at EGP 790 million, both in December 2021. The transaction also comes on the heels of the Firm’s successful advisory on Premium International for Credit Services’ sixth issuance, valued at EGP 170 million, on January 4, 2021.

EFG Hermes acted as the co-underwriter and sole financial advisor, transaction manager, book-runner, and arranger on the issuance. CIB also acted as underwriter and custodian.





About EFG Hermes Holding

With a current footprint spanning thirteen countries across four continents, EFG Hermes Holding (EGX: HRHO.CA – LSE: EFGDstarted in Egypt and has grown over 37 years of success to become a universal bank in Egypt with a leading investment banking platform with access to emerging and frontier markets. Drawing on our proven track-record and a diverse team of talented employees, we provide a wide spectrum of financial services that include advisory, asset management, securities brokerage, research and private equity to the entire MENA region.

In 2015, EFG Hermes launched its Non-Bank Financial Institutions (NBFI) Platform, which overlooks activities in the non-banking finance field covering microfinance, leasing, factoring, Buy-Now Pay-Later (BNPL), mortgage and insurance. This falls in line with the Firm’s strategy to focus on two main pillars: product diversification and geographic expansion into non-MENA markets, which has seen the Firm establish a physical presence in Pakistan, Bangladesh, Vietnam, Kenya, Nigeria, the United Kingdom and the United States. In 2021, the firm acquired a controlling stake in aiBANK allowing the Firm to transform into a universal bank in Egypt.

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For further information, please contact:


The EFG Hermes Public Relations Team


May El Gammal 
Group Head of Marketing & Communications    


Note on Forward-Looking Statements 

In this press release, EFG Hermes may make forward looking statements, including, for example, statements about management’s expectations, strategic objectives, growth opportunities and business prospects. These forward-looking statements are not historical facts but instead represent only EFG Hermes’ belief regarding future events, many of which, by their nature are inherently uncertain and are beyond management’s control and include among others, financial market volatility; actions and initiatives taken by current and potential competitors; general economic conditions and the effect of current, pending and future legislation, regulations and regulatory actions.




Accordingly, the readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made. 



About Madinet Nasr for Housing and Development (MNHD)


Madinet Nasr for Housing & Development (MNHD) is a leading Egyptian urban developer. Since inception, the company has initiated and completed a number of key developments, including the majority of the Nasr City district in the Greater Cairo Area, which covers an area of more than 40 million square meters and is home to 3 million people. MNHD’s land bank includes 3.5mn sqm in a prime location inside Cairo across from Cairo International Airport and 5.5mn sqm in a strategic location on the Suez Road. You can learn more about us on our website at  

Abdallah Sallam

President and Chief Executive Officer


4, Youssef Abbas St.

Nasr City, Cairo

Tel: +2 (02) 2400-6207


Salah Katamish

Director of Investor Relations


4, Youssef Abbas St.

Nasr City, Cairo

Tel: +2 (02) 2400-6207