Exclusive: Banks’ Contributions To East Delta Electricity Production Loan

The National Bank for Development (NBD) arranged the average-term syndicated loan amounting to EGP 620 million for the East Delta Electricity Production Company, in collaboration with Bank Audi, Banque Misr, United Bank, Egyptian Gulf Bank (EGB) and Al Baraka Islamic Bank of Egypt.

The contributions of banks are as follows: NBD with EGP 128 million, Banque Misr with EGP 200 million, EGB 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 final loan agreement is expected to be signed before the end of this month.

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.