Egyptian Electricity Transmission inks syndicated loan deal

The NBE will act as the mandated lead arranger, book-runner, and facility agent

Cairo – Mubasher: The Egyptian Electricity Transmission Company (EETC) signed a syndicated loan contract worth EGP 4 billion with the National Bank of Egypt (NBE), Commercial International Bank-Egypt (CIB), Banque du Caire, and the National Bank of Kuwait (NBK).

The loan will be used to finance the investment cost of several projects, including building substations and expanding existing ones as well as purchasing new substations, in addition to implementing high-voltage cables and power lines across the country, according to a statement by the Ministry of Electricity on Monday.

The NBE will act as the mandated lead arranger, book-runner, and facility agent, while CIB and Banque du Caire will both serve as mandated lead arrangers and book-runners and NBK will act as an arranger for the loan.

Egypt has been working on improving the electricity transmission and distribution networks and has increased the lengths and capacities of 500-kilovolt (kV) networks by 1.5 times and four times, respectively, since 2014, the Minister of Electricity, Mohamed Shaker, said.

Source: Mubasher

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