Egypt Eyes EGP1bn Finance from 6 banks for Walidia Power Station

Egypt’s Ministry of Electricity has hold talks with six banks operating in local market, over arranging an EGP 1 billion (US$139.8 million) financing for Walidia Thermal Power Plant upgrade project in Asyut.

The six banks, which held talks with the Egyptian ministry, are the National Bank of Egypt (NBE), Banque Misr, Commercial International Bank – Egypt (CIB – Egypt), Arab African International Bank (AAIB), Qatar National Bank AlAhli (QNB AlAhli), and Faisal Islamic Bank of Egypt.

In the same vein, the Egyptian ministry seeks to lower the South Helwan Power Station’s financing to EGP 2 billion, from EGP 3 billion, after conducting more feasibility studies, a banking source with knowledge of this matter told Amwal Al Ghad on Monday.

The remaining EGP one billion shall go for Walidia Power Plant upgrade project, the source noted.

The fund for the Organization of the Petroleum Exporting Countries (OPEC) had announced last September that it would help finance the South Helwan Power Station by contributing $70 million to the project.

In April, Egypt’s former president Adly Mansour had endorsed a loan agreement signed with Arab Fund for Economic and Social Development (AFESD) to finance an upgrade of Walidia Thermal Power Plant in Asyut.