NBE Mulls Bridge Loan of EGP 150 For EDEPC

The National Bank of Egypt (NBE) studies a proposal submitted by East Delta Electricity Production Company (EDEPC), a subsidiary of the Egyptian Electricity Holding Company (EEHC), to obtain a bridge loan worth EGP 150 million. The bridge loan represents a payment arranged for the contractors who are assigned to establish 4 production units for Suez Thermal Power Station. It is expected that the NBE will solely provide that bridge loan.

According to reliable banking sources, the NBE’s share in the main loan which amounts to EGP 1.6 billion is EGP 900 million.

“The current period shall include obtaining the banks’ approvals so as to arrange the loan which would last for 12 years, a draw period of 3 and a half years followed by a repayment period of 8 and a half years.” Sources added

The 12-year loan would be for financing the local component of Suez Thermal Power Station in which the investment cost reaches EGP 3.6 billion.

Worth mentioning, the Ministries of Electricity and of International Cooperation had earlier signed an agreement to obtain a loan worth $550 million from African Development Bank (ADB) so as to finance the foreign component of the project.