Egypt’s El Sewedy Electric, Afreximbank sign $500 mln loan agreament

Egypt’s El Sewedy Electric Company signed a $500 million loan agreement with African Export–Import Bank (Afreximbank), on the sidelines of the African Intra-trade fair.

The loan will be directed to the company’s future projects within the African continent.

on the other hand, Head of Marketing Department Mohamed Hasouna said that El Sewedy Electric and Arab Contractors will sign a partnership agreement with Tanzania worth $3 billion to construct Tanzania Dam in four years.

Hasouna added that they will build nine turbines to generate 2100 mega watts, to be one of the biggest dams in Africa.

He further noted that El Sewedy owns 45 percent of the project while the other 55 percent goes to the Arab Contractors.

As per the company’s operations in Uganda, he said that the company owns industrial investment lands on an area of 100,000 meters, which it will receive in the coming days, noting that they will build factories for the manufacture of transformers, smart metres (Abacus) and isolators.