3 Banks Join Banque Misr to Finance EGP725mn for East Delta Electricty

Banque Misr has allied with National Bank of Egypt (NBE), Commercial International Bank(CIB), Qatar National Bank (QNB) in order to finance EGP725 million for East Delta Electricity  Production Company.

A part of finance will cover the investment cost of converting Al Shabab and West Damietta stations to work with combined periodic system.

An official source said the banks presented an official offer to the company so as to capture EGP725 million finance including EGP425 million for NBE and EGP300 million distributed equivalently between the other three banks.

The initial cost of the project ups EGP6.125 billion and two steam units will be added to power plant to produce 500 megawatts in addition one unit for West Damietta for the production of 250 MW.

In 2013, East Delta obtained Islamic finance from Abu Dhabi Islamic Bank worth US$120 million to finance importing the plant’s Spare parts.