Four Egyptian electricity production companies are in negotiations with six banks to borrow $400m to repay Arab and foreign companies that carry out maintenance works at the power plants of all four companies. Sources at the Egyptian Electricity Holding Company (EEHC) said that West Delta Electricity Production Company, Cairo Electricity Production Company, Middle Delta Electricity Production Company, and East Delta Electricity Production Company are negotiating with Banque Misr, the National Bank of Egypt (NBE), the Arab African International Bank (AAIB), the Commercial International Bank (CIB), QNB ALAHLI, and the Egyptian Gulf Bank (EGBank) to finance their maintenance projects. The Upper Egypt Electricity Production Company (UEEPC) has signed a contract loan with EGBank for EGP 2bn to finance a maintenance programme and update the stations affiliated with the company. The Ministry of Electricity has allocated EGP 33bn over the coming two years to improve and support the electricity grid in order to accommodate the new capacities. The interest of the loans will be paid for by the Central Bank of Egypt and the Ministry of Finance.

Source: Daily News Egypt April 03, 2017 14:03 UTC