NBE, Banque Misr, HSBC Ok EGP250mn Finance for Egypt Kuwait Holding

National Bank of Egypt (NBE), Banque Misr and HSBC agreed to provide EGP250 million finance for one of the firms which specialized in building material industries that affiliated to Egypt Kuwait Holding Company (EKHO.CA) in order to be used in coal energy.

An official banking source said the investment cost to convert into using coal energy project estimated at EGP350million, the banks provide EGP250million and Egypt Kuwait Holding will bear EGP100 million.

In 2009, Kuwait Holding has previously obtained joint loan from several banks worth EGP1.2 billion to make its factory works with natural gas.

Statistics showed that most countries use coal with 50% to generate electric energy and 90% of cement factories depend fully on coal.