Cairo Leasing, Electro Cable Egypt sign $51mln worth financing agreement

Agreement signed for establishing the first phase of new electric cable plant in Sadat City

  
Image used for illustrative purpose. Workers inspect equipment at an electrical substation in Heihe, Heilongjiang province, China July 19, 2019. REUTERS/Stringer

Image used for illustrative purpose. Workers inspect equipment at an electrical substation in Heihe, Heilongjiang province, China July 19, 2019. REUTERS/Stringer

The Cairo Leasing Corporation and the Electro Cable Egypt (ECE) have signed a financing agreement for establishing the first phase of the latter’s new electric cable plant in Sadat City.

The agreement will see a total investment cost of EGP 800m pumped into the project.

Ahmed Sherif, CEO and Managing Director of Cairo Leasing Corporation, said, “We are proud to be part of the establishment of a large entity that serves the goals of the country’s national strategy, within our constant endeavours to be an effective and strong contributor to development.”

He added that this agreement aims to improve the standard of living among Egyptian citizens, increase the rates of development in the country, and enhance basic services to meet citizens’ needs. 

Mohamed Zakaria Mohi El Deen, Chairperson and Managing Director of the ECE, said, “Our company is constantly keen on cooperating with systems and companies that have an active and real role in development. Of course, Cairo Leasing Corporation has a prominent influence in society.” 

He added, “Through this financing, the company will cover all costs of purchasing land and constructing buildings, as well as providing equipment and production lines for the first phase of the new cable plant.” 

Mohi El Deen expressed his hope for the company’s ability to achieve its ambitions, to improve and develop electrical cables while maintaining the highest quality possible in terms of performance and services.

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