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EGP1bn allocated by 6 banks to launch Assiut power plant

: Saturday, August 30 - 2014 @ 09:09

Banque Misr, Commercial Bank of Egypt (CIB), National Bank of Egypt (NBE), Arab African International Bank (AAIB), QNB Al Ahli and Faisal Islamic bank decided to allocate EGP1bn from South Helwan Power Plant’s loan which estimated at EGP3bn in order to finance new power plant in Assiut. Egypt’s Power Ministry requested earlier to reduce South Helwan’s loan to EGP2 billion instead of EGP3bn and to use the remaining EGP1bn in launching new plant, according to official banking source of one of banks’ credit sector, Amwal Alghad reported. Speaking to Amwal Al Ghad, the source explained that Assiut’s power plant project will contribute in meeting the growing demand for electric power, by increasing the capacity of about 650 MW.

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Saturday, August 30- 2014 @ 9:09 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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