Arrangers Of Suez Power Plant Loan To Sign Agreement Next Week

The National Bank of Egypt (NBE), Banque Misr, Piraeus Bank Egypt, Industrial Development and Worker Bank of Egypt and Faisal Islamic Bank of Egypt will sign next week the agreement of the syndicated loan arranged for the East Delta Electricity Production Company (EDEPC) to finance the establishment of the four units at the Suez thermal power plant.

The loan arrangers earlier agreed on the value of their contributions to the loan amounting to EGP 1.6 billion. The 12-year term loan has a grace period of 3.5 years and a repayment period of 8.5 years.

The investment cost of the project is more than EGP 5 billion and will be covered through loans from the African Development Bank and Islamic Development Bank as well as the syndicated loan arranged in Egypt.

Amwal Al Ghad had previously reported that the East Delta Electricity Production Company received a bridge loan amounting to EGP 150 million to meet the prepayment requirements for the contractors who are assigned to establish the productive units. NBE and Piraeus Bank Egypt each contributed EGP 75 million to the bridge loan.