The Egyptian Gulf Bank (EG Bank) and Qatar National Bank (QNB) will fund 21% of a EGP 20 bn facility for the Egyptian Electricity Holding Company (EEHC), Al Mal reports. EG Bank will provide EGP 2.5 bn, QNB will contribute with EGP 1.7 bn. The National Bank of Egypt (NBE) and Banque Misr were tapped in January by the EEHC to arrange for the syndicated loan, with Banque Misr lending EGP 3.6 bn. NBE is working is looking to get other banks to finance a EGP 1-1.5 bn tranche of the facility. EEHC had also requested that NBE and Banque arrange a separate EGP 37 bn loan earlier this year to fund the company’s expansions in power distribution and transmission projects. Other banks have reportedly been asked to come in on the 15-year loan.

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