NBK bank lends EGP 10 bln to Egyptian Electricity Holding

The Egyptian Electricity Holding Company (EEHC) borrowed 10 billion Egyptian pounds from the National Bank of Kuwait-Egypt to carry out maintenance operations for power plants, two sources familiar with the matter told Alsharq Business.

The government is targeting to raise the capacity of its electricity interconnection with Jordan to 2,000 megawatts (MWs) from 550 MWs now to transmit power to other countries.

The Ministry of Electricity needs every day about 135 million cubic metres of gas, and 10,000 tons of mazut, until repeated power outages across Egypt, according to a previous statement.

“For the first time, electricity loads have reached the maximum consumption level recorded in previous years, reaching 34,650 megawatts, while efforts to stabilise the power supply continue,” the ministry said in a statement.