Egypt’s EETC inks $25mln loan agreement with 4 banks

The banks are namely; the National Bank of Egypt, Commercial International Bank Egypt, Banque du Caire and National Bank of Kuwait Egypt

  
Image used for illustrative purpose. The South Cairo Electricity Distribution Company and power station is pictured at the Imbaba area in Cairo, September 26, 2014.

Image used for illustrative purpose. The South Cairo Electricity Distribution Company and power station is pictured at the Imbaba area in Cairo, September 26, 2014.

REUTERS/Amr Abdallah Dalsh
 

Egyptian Electricity Transmission Co. (EETC) has signed a syndicated loan agreement worth up to EGP 4 billion with four national banks, according to a statement issued by the Ministry of Electricity and Renewable Energy.

The banks are namely; the National Bank of Egypt (NBE), Commercial International Bank Egypt (CIB) (COMI), Banque du Caire (BDC) (BQDC), and National Bank of Kuwait Egypt (NBKE).

The loan will be used to finance a part of the investment costs of some national projects, including electricity transmission, establishment of power transformers, and other expansions.

The NBE has acted as the financial agent, main arranger, and main promoter of the financing, while CIB acted as the main arranger and promoter of the loan.

Meanwhile, BDC acted as the arranger and promoter of the financing, and NBKE was also among the loan’s arrangers.

The Egyptian electricity sector aims to improve and develop the electricity transmission and distribution grid as well as upgrade smart networks to support the national power grid, electricity minister Mohamed Shaker said.

Egypt is on track to complete the electricity interconnection projects with the neighboring countries within the region, including Jordan, Libya, Saudi Arabia, shaker added, noting that the first phase of the electricity interconnection project with Sudan has been done.

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