Arab Finance: Egypt has addressed the German lenders of its joint power projects, known as Egypt Megaproject, with Germany’s Siemens to obtain their approval to offer shares in the project’s power plants for sale, Asharq Business reported on May 17th, citing three officials.
Offering the shares for sale is subject to the German banks’ approval in compliance with the funding contracts, which stipulate the country’s inalienability to sell shares in the plants, the sources added.
Even though the Egyptian Electricity Holding Company (EEHC) is repaying the loans since 2019 with no delays, the country shall not execute any sale unless it gets the lender’s approval or fully repays the loans, an official stressed.
The three power plants were built by Siemens in 2018, in collaboration with El Sewedy Electric and Orascom Construction, at a total value of €7 billion, with a total capacity of 4.8 gigawatts each.
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