Cairo – Mubasher: The National Bank of Egypt (NBE) is leading a banking consortium together with Credit Agricole Egypt with the participation of Faisal Islamic Bank of Egypt, and Suez Canal Bank to arrange a long-term syndicated loan worth EUR 30 million for Midor Electricity Company (MIDELEC).

This move is in line with the banks’ strategies aiming at providing energy projects with the required funding which in turn boost the national economy, NBE’s chairman Hisham Okasha said in a statement on Wednesday.

The NBE and Credit Agricole Egypt will each contribute EUR 12 million to the loan, while Faisal Islamic Bank of Egypt and Suez Canal Bank will each provide a funding of EUR 3 million, NBE’s vice chairman Yehia Aboul Fotouh noted.

The nine-year loan has a repayment period of seven years starting from the third year after receipt of the credit.

The loan will be used to finance part of the investment cost for expanding an electricity plant owned by Midor through providing a 50-megawatt gas turbine.