NBE Offers EGP 491 Mln Fund For West Damietta Plant

National Bank of Egypt signed last week the final loan syndication agreement lending East Delta Electricity Production Company EGP 491 million to finance the establishment of West Damietta Electricity Plant.

Amwal Al Ghad had earlier reported exclusively the 11 banks shares in the loan syndication as National Bank of Egypt’s share is EGP 254.5 million, Arab African International Bank’s share is EGP 55.5 million and ] that of Commercial International Bank is EGP 57.6 million.

It is also agreed that Banque Du Caire’s share in the syndication is EGP 49.6, Faisal Islamic Bank’s share is EGP 23.5 million, Industrial Development Bank’s share is EGP 13.3 million, and that of National Bank and Credit Agricole is EGP 17 million. Besides, the share of United Bank and Blom Bank is EGP 16 million and Egyptian Gulf Bank’s share is EGP 4 million.

The electricity plant’s investment cost is more than one billion dollar and it will generate 750 MW. The Company is relying on African Development Bank to get the foreign liquidity.