Electricity, Banque Misr Ink Islamic Finance to Rehabilitate Boiler Unit in Egypt

Egyptian Ministry of Electricity will be signing today an agreement with Banque Misr (BM) over obtaining a sharia-compliant  finance designed for Walidia Thermal Power Plant in Asyut.

Egyptian Minister of Electricity and Energy Ahmed Emam will be witnessing on Sunday the signing ceremony.

Walidia Thermal Power Plant is located at Walidiya on the Nile, Asyut Governorate, with a design capacity of 624 MWe. It is operated by Upper Egypt Electricity Production Company (UEEPC).

Minister Emam stated that the Banque Misr’s Islamic finance amounts to around EGP 285 million or US $ 41.37 million, designated to rehabilitate the boiler – Unit (1) of Walidia Thermal Power Plant. The rehabilitation works are realized by Mitsubishi (MHI) Japan.

This is Banque Misr’s first sharia-compliant loan provided for Upper Egypt Electricity Production Company (UEEPC) which fully owns and operates the power plant.