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$225mn Emirates NBD loan for Egypt power projects

Emirates NBD Egypt has signed a 2 billion Egyptian pounds ($225.25 million) loan with state-run Egyptian Electricity Holding Company to finance two major power projects

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Egypt, Funds, Loan, Power, Power demand, Power plant, News

Emirates NBD Egypt has signed a 2 billion Egyptian pounds ($225.25 million) loan with state-run Egyptian Electricity Holding Company to finance two major power projects.

The first project is located in Burullus, near the town of Kafr el Sheikh, some 210km (130 miles) north of Cairo; while the second plant is set to be in the Egyptian new administrative capital city.

The total capacity for the two power plant will be 4,800 MW each.

"Emirates NBD affirmed its commitment to supporting mega national projects and securing the necessary financing, thus contributing to the Egyptian economy's development and boosting production in light of the bank's expansion plan in the Egyptian market," the bank said in a statement this week.

The signing ceremony was attended by Amr Azab, Head of Corporate Banking at Emirates NBD and the team of the bank headed by Tamer Assem, Head of Large Corporate Division and Sherif Karam, Head of Power and Electricity Sector from the Corporate Banking.

"Increasing our loan portfolio is an integral part of our strategy in the Egyptian market. This is clearly evident through the bank's move last week to finance two power plants in the New Capital and Borolos for a total of 2 billion Egyptian pounds, "said Azab.

"Energy projects are critical to the Egyptian economy, industrial development and the construction of new urban communities. Emirates NBD's contribution to their financing confirms our determination to support the government's efforts to develop infrastructure and achieve integrated development."

Additionally, Gaber Eldessouky, Chairman of the Egyptian Electric Holding Company, said: "Emirates NBD's contribution to financing the new power plants emphasises its dedication to supporting development efforts and the addition of 9,600 MW to the national electric grid as part of the government's plan to meet future energy needs."

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