By: Islam Fadl

Cairo – Mubasher: State-owned Egyptian Electricity Holding Co (EEHC) has not obtained a $230 million loan from Banque Misr to finance its investment plan, the bank’s vice chairman Akef Abdel El Maghraby said.

Egypt's second-largest state lender does not have any agreements with EEHC in the meantime, El Maghraby added in a phone call to Mubasher.

Earlier this month, an official source at the electricity ministry said that EEHC has obtained a $230 million loan from Banque Misr to finance its investment plan.

In June, the finance ministry had signed an agreement with HSBC Bank, Credit Suisse, and other local and foreign financial institutions to provide a $900 million loan for EEHC, which the company will pay off in foreign currencies.

Translated by: Mai Ezz El-Din