Faisal Islamic Bank approved to contribute with EGP 100 million to the syndicated loan worth EGP 1.6 billion arranged by the National Bank of Egypt (NBE) for East Delta Electricity Production Company (EDEPC) to finance the construction of four electricity power generators at Suez thermoelectric power plant. Sources said NBE and Industrial Development and Workers Bank of Egypt will contribute with EGP 250 million to the loan, while Banque Misr and Piraeus Bank Egypt have not given their final approvals to contribute to the loan yet. The 12-year syndicated loan has 3.5-year grace period and 8.5-year repayment period. In addition, NBE and Piraeus Bank Egypt each offered EGP 75 million as a bridge loan to the Company. Dr. Hassan Younes, Minister of Electricity and Energy, earlier stated that the investment cost of the project is EGP 5.2 billion. The Company received US$ 60 million from the Islamic Bank and US$ 550 million from the African Development Bank. The Company will self-finance the local component.
