Egyptian Electricity Transmission Company in talks with banks over EGP4 billion loan

State-run Egyptian Electricity Transmission Company (EETC) is in talks with a consortium of banks for a loan worth 4 billion Egyptian pounds ($255.5 million).

The money will go for financing EETC’s investment strategy to upgrade transmission lines across the country.

“The talks are mainly with the National Bank of Egypt with the participation with other local banks, including Suez Canal Bank, Industrial Development bank (IDB), and the Agricultural Bank of Egypt,” sources close to the deal told Amwal Al Ghad on Tuesday.

The sources added that the loan will have a maturity between 7 and 10 years.

“EETC has received the terms and conditions made by the banking consortium, and discussions are ongoing before making the final contracts and signing them within next month.” they said.