Egyptian Electricity Transmission in talks for $894 million finance

State-run Egyptian Electricity Transmission Company (EETC) is negotiating finance worth 7 billion Egyptian pounds (US$894 million) with local banks, senior banking sources told Amwal Al Ghad Thursday.

The National Bank of Egypt, the country’s biggest state-run bank, has offered to be the sole contributor to the EETC’s finance. However, the Ministry of Electricity has approved Abu Dhabi Islamic Bank (ADIB) – Egypt’s bid to secure a Shariah-compliant finance for the EETC ranging between 2-3 billion pounds to be paid back over 15 years, the sources added.

Meanwhile, NBE is likely to lead another banking alliance in charge of providing a finance ranging between 4 to 5 billion pounds to carry out a number of EETC’s projects, the sources said. Yet, this alliance is not fully formed to date.

Additionally, Bank Audi-Egypt is studying participation in NBE’s alliance, a banking source from the Lebanese bank told Amwal Al Ghad.

Bank Audi-Egypt is currently interested mainly in supporting Egyptian electricity projects, the source said.