Egypt inks $2.6bn loan facility with China’s Exim Bank

Egypt inks $2.6bn loan facility with China’s Exim Bank
The loan will be used to finance a 2,400-megawatt hydroelectric station in Ataqa

Cairo – Mubasher: Egypt’s state-run Egyptian Electricity Holding Co has signed a $2.6 billion loan facility agreement with the Export-Import Bank of China (EXIM), sources at the Egyptian electricity ministry said.

The loan will be used to finance a 2,400-megawatt hydroelectric station in Ataqa, the sources told Al Borsa News on Tuesday.

The electricity ministry is expected to reach a final agreement with China’s Sinohydro company that manages the station by June, the sources added.

In January, Egypt’s National Authority for Tunnels (NAT) had signed a $1.2 billion agreement with China’s Exim Bank to finance a light rail system.