National Bank of Egypt leads $894mn finance offer for electricity sector

A banking alliance led by the National Bank of Egypt (NBE) is offering the state-run Egyptian Electricity Transmission Company (EETC) a financing worth 7 billion Egyptian pounds (US$894 million).

The banking offer was submitted to the EETC last week.

The finance is tailored to fill the Egyptian company’s diversified needs, a banking source with knowledge of the talks told Amwal Al Ghad Sunday.

Upon the funding offer, the loan shall be paid over 15 years, the source added.

Meanwhile, Mahmoud Montasser – NBE’s Vice President – said in a recent statement that NBE had provided finances worth 12.6 billion pounds for the country’s electricity sector in the past five years.

The bank has solely secured around 2.4 billion pounds to finance electricity projects in Benha, Abu Qir in addition to support electricity transmission networks, and maintenance works for stations owned by the EETC.