NBD Offers East Delta Electricity Co. US$ 120 Mln Mudaraba Loan

National Bank for Development (NBD) has signed last week the syndicated loan agreement targeted for East Delta Electricity Production Company to finance importing turbine spare parts with value of US$ 120 million.

The 5-year finance agreement is the largest Mudaraba agreement in Egypt as its value exceeds EGP 700 million, said Amr Ghanam, head of mergers and acquisitions at the Bank.

NBD will invite banks with Islamic licenses to contribute in the loan by next week, Ghanam added.

Ghanam expected NBD to offer more Sharia-compliant finances in the upcoming period to important sectors such as education, food industries, electricity production and fertilizers industry.

It is worth mentioning that NBD and Bank Audi have arranged Sharia-compliant finance with value of EGP 688 million for the establishment of a factory for fertilizers, subsidiary of Egyptian Company for Potash and Chemicals.