East Delta Electricity Co. To Hold GM For Islamic Syndicated Loan

The Board of Directors of the East Delta Electricity Production Company will meet next Monday to approve the request submitted to the National Bank for Development (NBD) to arrange for the company mid-term credit facilities amounting to EGP 620 million.

Sources said the General Assembly will hold a meeting next Tuesday to approve what the board of directors passed. The loan agreement is expected to be signed before the end of this month.

The contributions of banks are as follows: NBD with EGP 128 million, Banque Misr with EGP 200 million, Egyptian Gulf Bank with EGP 150 million, Al Baraka Islamic Bank of Egypt with EGP 75 million, Bank Audi (Egypt) with EGP 42 million and United Bank with EGP 25 million, sources said.

The East Delta Electricity Production Company requires a letter of credit; of which 15% was earlier covered and the remaining 85% is financed by the Mudaraba syndicated loan. The letter of credit will be used to finance the importing of turbine spare parts for the East Delta Electricity Production Company.