Banque Misr orchestrates New Banking Alliance for Egypt Electricity Sector

Banque Misr, Egypt’s second largest public sector bank, is leading a banking consortium to secure a US$500 million financing in favour of state-owned Egyptian Electricity Holding Company (EEHC).

The financing will go for speeding up EEHC’s works on new power stations in addition to its upcoming expansions, a banking source with knowledge of the matter told Amwal Al Ghad on Sunday.

The source referred that Banque Misr had promoted for EEHC’s financing in the current month, encouraging a number of banks operating in the Egyptian market so as to take part in the consortium.

In this respect, Egyptian Arab Land Bank (EALB) has expressed its willingness to take part in Banque Misr’s consortium, with an initial contribution of 100 million Egyptian pounds (US$13 million), the source noted.