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OCI in talks with local lenders to raise $700m loan

OCI in talks with local lenders to raise $700m loan
Orascom Construction Industries (OCI) has begun negotiations with a number of local banks to obtain a direct and indirect financing that will go for executing and operating a power generation plant.
Al Mal newspaper reported on Sunday that a consortium of U.S. General Electric and OCI won a project to construction eight power generation units at 1000 MW capacity in Assiut Governorate.
OCI has already begun talks with National Bank of Egypt (NBE) to raise $700 million, most of which will be received indirectly through guarantee letters and documentary credits for periods ranging between three to five years, sources told Al Mal.