Misr Iran Bank allocates 100-million Pounds to support Egypt Electricity

Misr Iran Development Bank (MIDB) intends to inject 100 million Egyptian pounds in a 1.5 billion pound (US$196.6 million) financing for state-owned Egyptian Electricity Holding Company (EEHC).

EEHC’s financing is being arranged by Banque Misr and Abu Dhabi Islamic Bank (ADIB). It aims to provide liquidity required for Egypt’s emergency plan for increasing electricity production before the summer of 2015.

In this respect, Amr Tantawy – Managing Director of MIDB – told Amwal Al Ghad that his bank would enter talks in the coming days with Banque Misr, aiming to seize a 100 million pound share in the EEHC’s financing.

Egypt has been facing an energy crisis for years, with power outages surging in the summer.

Egyptian authorities have often owed the power crisis to a larger fuel crisis and have been taking measures in recent months to diversify sources of energy.