The Electricity Ministry is in talks with fivel local banks over a USD 90 mn loan to finance grid maintenance work by the Upper Egypt Electricity Production Company (UEEPC), company chief Ibrahim El Shahat tells Al Borsa. The negotiations comes after an 11-year loan agreement with a local bank was cancelled. UEEPC is trying to pay the companies maintaining and upgrading its power stations, including Siemens, General Electric, and Sumitomo Corporation, El Shahat adds. The ministry has been trying to scale costs back by upgrading existing stations to increase their fuel efficiency rather than building new ones.

Tags: