Egypt’s main agricultural bank earmarks $12.7 million for electricity loan

Egypt’s main agricultural bank PBDAC is taking part in the state-run Egyptian Electricity Transmission Company (EETC)’s loan which amounts to 3 billion Egyptian pounds (US$ 383 million).

Attia Salem – chairman of the Principal Bank for Development and Agriculture Credit (PBDAC) – said his bank has earmarked 100 million pounds in favour of the EETC’s loan, which is being arranged by Abu Dhabi Islamic Bank (ADIB).

The loan is tailored for upgrading and supporting as well as adding new grids for EETC, with a timeframe of 15 years.

This will be the second syndicated loan PBDAC takes part in; Amwal Al Ghad has quoted the banking official as saying Saturday.

In mid 2015, PBDAC had pumped 100 million pounds in a syndicated loan aimed to support Egypt’s electricity sector.

PBDAC’s credit portfolio surged to 21 billion pounds by end of 2015, Attia added.