NBE, Piraeus To Offer Bridge Loan Worth EGP 150 Mln To EDEPC

The National Bank of Egypt (NBE) signed last week a contract on providing a bridge loan worth EGP 150 million for East Delta Electricity Production Company, owned by Egyptian Electricity Holding Company.

NBE and Piraeus Bank each will offer EGP 75 million to the Company, a source said, adding that the Company will withdraw the loan within a week.

NBE will contribute with EGP 900 million to the long-term loan that is worth EGP 1.6 billion, the source noted. The 12-year syndicated loan has 3.5-year grace period and 8.5-year repayment period.

Dr. Hassan Younes, Minister of Electricity and Energy, earlier stated that the investment cost of the project is EGP 5.2 billion. The Company received US$ 60 million from the Islamic Bank and US$ 550 million from the African Development Bank. The Company will self-finance the local component.