The Upper Egypt Electricity Production Company (UEEPC) has signed a contract loan with the Egyptian Gulf Bank (EGBank) over EGP 2bn to finance a maintenance programme and update the stations affiliated to the company. El Shahat explained that his company will pay its dues to the companies working in the maintenance and modernisation of UEEPC’s stations. The Ministry of Electricity has allocated EGP 11bn for the operation and maintenance of power plants as well as the transmission networks in this year. According to the Ministry of Electricity, the costs of operation and maintenance of power plants are secured through the collection of electricity consumption bills, amounting to EGP 7bn. On the other hand, the Ministry of Electricity seeks to obtain a loan of EGP 37bn to modernise and develop the transmission and distribution networks.

Source: Daily News Egypt April 01, 2017 16:07 UTC