NBE In Talks With Electricity Holding Co. Over US$ 1 Bln Loan

The National Bank of Egypt (NBE) currently negotiates with the Egyptian Electricity Holding Company over US$ 1 billion finance that will be used to achieve the company’s plan in the upcoming period.

The finance is divided into a foreign-currency segment of US$ 900 million and local-currency segment worth US$ 100 million, said Mahmoud Montasser, member of NBE’s board of directors.

After determining the volume of credit facilities that will be offered from foreign lenders, a banking consortium will be formed to arrange a 10-year term loan for the company, he stated.

The bank’s direct and indirect finances offered to electricity sector range from EGP 20 billion to EGP 22 billion, Montasser added.