11 Banks Give EGP 491 Million Loan To West Damietta Plant

National Bank of Egypt will sign an EGP 491 million joint loan contract next week with East Delta Electricity Production Company to finance the establishment of West Damietta Electricity Plant.

Amwal Al Ghad exclusively reveals banks shares in the joint loan, as there are 11 banks, the most prominent of which are National bank of Egypt who kept EGP 254.5 million, Arab African Bank shares with EGP 55.5 million and Commercial International Bank shared with EGP 57.6 million.

Banque du Caire shared with EGP 49.6 million, Faisal with EGP 23.5 million and Export Development Bank with EGP 13.3 million. Union National Bank and Credit Agricole jointly shared with EGP 17 million. United Bank and Blom Bank also jointly shared with EGP 16 million. Gulf Egyptian Bank acquired the smallest share which is EGP 4 million.

Noteworthy that power generated from the plant is 750 Megawatt with an investment cost exceeding US$ one billion. East Delta Electricity Production Company will receive foreign funds from African Development Bank.