Banque Misr approved to contribute EGP 400 million to the long-term fund which is organized by the National Bank of Egypt for East Delta Electricity Production Company (EDEPC) to finance part of the investing cost of constructing 4 productive units in SUEZ Thermal Power Station.
Sources told Amwal Al Ghad that it is expected within days to get the final approval of the banks which participate in the loan, in order to determine the final shares and to sign the contracts of fund; with value of EGP 1.6 billion.
The sources referred that Faisal Islamic Bank of Egypt will contribute EGP 100 million to the loan, while Industrial Development & Workers Bank of Egypt will contribute EGP 150 million.
The source added that the loan’s period lasts 12 years, distributed on 3 years and half grace period, and 8 years and half repayment period.
The project’s total cost is EGP 5 billion, and will be financed by a number of funding authorities; African Development Bank and Faisal Islamic Bank of Egypt.
