Arab Finance: The Financial Regulatory Authority (FRA) Cairo for Investment and Real Estate Development (CIRA) has approved a three-year securitization program worth EGP 2 billion, under which the first issuance amounts to EGP 800 million, HC Securities & Investment announced in an emailed press release on July 28th.
CIRA has purchased the necessary land plots for the planned expansions and is seeking various sources of finance for the capital expenditure plan, HC said.
Moreover, HC expected the average annual capital expenditure to reach EGP 940 million throughout the next five years.
CIRA is also planning to allocate capital expenditure of EGP 4.55 billion for the period from 2022 to 2026.
CIRA is an Egypt-based company, operating in the investment field across diversified sectors, including education, construction and real estate, health care, information technology, and support services.