Cabinet approves EGP 37 bn loan to fund power grid capacity build-up

The Ismail cabinet reportedly signed off on EGP 37 bn in loans to the Egyptian Electricity Transmission Company (EETC) to fund expansions to absorb a production capacity of 18 GW by 2018. The National Bank of Egypt will be arranging a EGP 19 bn loan, while Banque Misr will arrange a EGP 18 bn. The 15-year loans come with a three-year grace period, said EETC head Gamal Abdel Rahim. He added that the government is expected to sign for the loans at the end of the week, he tells Al Borsa.