6 banks sign EGP3bn financing deal with electricity ministry

Six banks have signed an agreement to provide EGP 3 billion in financing the electricity ministry.
The funds could be doled out over a period of up to 12 years as loans for financing the ministry's projects in Cairo and Assiut.
The financing banks are: The National Bank of Egypt, Banque Misr, Arab African International Bank, Commercial Bank of Egypt, Faisal Islamic Bank of Egypt, and Qatar National Bank Alahli.
The fund is to build a 1,950-megawatt power plant in Helwan city, southern Cairo, and a 650--megawatt power plant in Assiut governorate, south of Cairo.