Banque Du Caire pumps $80 million in ElSewedy Electric’s Loan

Banque Du Caire is pumping US$80 million in a loan arranged for Egypt’s ElSewedy Electric Company, a banking source near from the talks told Amwal Al Ghad on Thursday.

A consortium of 7 banks encompassing the National Bank of Egypt (NBE), Banque Misr, Commercial International Bank (CIB), Arab African International Bank, National Bank of Abu Dhabi (NBAD), Banque Du Caire, and Qatar National Bank (QNB) agreed to provide ElSewedy with US$650 million financing.

ElSewedy Electric, largest listed cable maker in the Arab world, is seeking to secure around US$650 million to carry out projects as part of Egypt’s emergency plan for increasing electricity production.

Earlier in January, El Sewedy Electric announced in a bourse statement, it signed a contract for the construction of two power generation plants in Egypt via its subsidiaries as a general contractor for the Egyptian Ministry of Electricity.

El Sewedy will design, supply, install and test the two projects that will operate with six generation units with gas turbines worth $706 million.
The first project will be built in Attaqa in Suez Governorate with a production capacity of 650 MW, while the second project will be built in Mahmoudia in Buhaira Governorate with a production capacity of 330 MW, according to the company.
The two projects will be linked gradually to the country’s national grid starting May till August 2015.