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Egypt's EETC in talks for $894mn finance

Egypt's Ministry of Electricity has approved Abu Dhabi Islamic Bank (ADIB) - Egypt's bid to secure a Shariah-compliant finance for the EETC ranging between 2-3 billion pounds to be paid back over 15 years

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Egypt, Power and water, News

State-run Egyptian Electricity Transmission Company (EETC) is negotiating finance worth 7 billion Egyptian pounds (US$894 million) with local banks, senior banking sources have said.

The National Bank of Egypt, the country's biggest state-run bank, has offered to be the sole contributor to the EETC's finance. However, the Ministry of Electricity has approved Abu Dhabi Islamic Bank (ADIB) - Egypt's bid to secure a Shariah-compliant finance for the EETC ranging between 2-3 billion pounds to be paid back over 15 years, the sources told Amwal Alghad.

Meanwhile, NBE is likely to lead another banking alliance in charge of providing a finance ranging between 4 to 5 billion pounds to carry out a number of EETC's projects, the sources said. Yet, this alliance is not fully formed to date.

Additionally, Bank Audi-Egypt is studying participation in NBE's alliance, a banking source from the Lebanese bank told Amwal Al Ghad.

Bank Audi-Egypt is currently interested mainly in supporting Egyptian electricity projects, the source said.

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