NBE Start Disbursing EGP 600 Mln Loan To Electricity Transmission Co.

The National Bank of Egypt (NBE) signed a finance contract worth EGP 600 million with the Egyptian Electricity Transmission Company to boost the electricity network and establish new electric transmission lines.

Sources said the bank disbursed the first tranche of the loan, but declined to say the value of such tranche. A bank was negotiating with NBE to contribute to the loan, but NBE decided to offer such finance solely, sources added.

On other respect, NBE received Faisal Islamic Bank’s approval to contribute EGP 100 million to the syndicated loan that NBE arranged for East Delta Electricity Production Company (EDEPC) to finance the construction of four electricity power generators at Suez thermoelectric power plant. The Industrial Development and Workers Bank of Egypt (IDBE) will contribute with EGP 150 million to such syndicated loan.