Banque Misr approved to contribute EGP 200 million to the Islamic syndicated loan amounting to EGP 720 million (US$ 120 million) that is arranged by the National Bank for Development (NBD) for the East Delta Electricity Production Company.
The five-year term Mudaraba will be used to finance the importing of turbine spare parts with value of US$ 120 million for the East Delta Electricity Production Company, said Ahmed El-Dorghamy, head of Islamic finance department at Banque Misr.
Bank Audi and Bank Audi each approves to contribute US$ 25 million to the loan. In addition, the Egyptian Gulf Bank studies joining the consortium, sources said.
The NBD has started asking Islamic banks and commercial banks with Islamic banking licenses to contribute to the long-term loan from two weeks.
