EETC receives EGP 3 bn of EGP 37.4 bn loan to upgrade national power grid

The Egyptian Electricity Transmission Company has received EGP 3 bn from the EGP 37.4 bn loan it signed for with a local banking consortium in July to upgrade the national grid, unnamed ministry officials tell Al Borsa. The amount will be used to pay contractors and suppliers, including Elsewedy Electric, China’s State Grid, and Saudi’s NCC, who are expected to complete their work in three years. We had said in August that the National Bank of Egypt and Banque Misr are set to provide EGP 12.2 bn each, while Qatar National Bank will chip in EGP 8 bn. The Arab African International Bank will contribute EGP 3 bn, while CIB will provide EGP 2 bn.