CIB considers financing $9 billion Egypt Coal Projects

The Commercial International Bank of Egypt, one of the largest private-sector lenders in the country, plans to provide financing for 3 coal projects, an official announced on Wednesday.

According to Heba Abdel Latif -CIB’s Head of Debt Capital Markets; the CIB is seeking to provide the financing through a consortium of banks operating in Egyptian market.

Each project will with investment cost estimated at US$3 billion, Abdel Latif noted.

Speaking to Amwal Al Ghad, the banking official said the Egyptian government had signed a memorandum of understanding with a number of local and Gulf investors, with the aim of carrying out the 3 projects.

CIB will start marketing the loan to finance the three projects after the completion of ongoing procedures between the government and the investors, she elaborated.