State-run Egyptian Electricity Transmission Company (EETC) has signed on Monday a syndicated loan agreement worth around 4 billion Egyptian pounds ($254.8 million) with a consortium of four banks.
The consortium is led by the National Bank of Egypt (NBE) as the senior mandated lead arranger, facility agent, and bookrunner. The Commercial International Bank (CIB-Egypt) and Banque du Caire are in the consortium as lead arrangers and bookrunners, while National Bank of Kuwait – Egypt (NBK Egypt) acts as an arranger.
The signing ceremony was attended by Egyptian Minister of Electricity Mohamed Shaker.
The loan will partially finance the investment cost of some of EETC’s projects, including building new substations, upgrading existing stations, and installation of new cables and high voltage transmission lines nationwide.
Egyptian Electricity Minister Mohamed Shaker speaks during the signing of the Egyptian Electricity Transmission Company loan on Monday, August 23, 2021
