The Egyptian Electricity Holding Company is working on raising a USD 700 mn syndicated loan with Credit Suisse and HSBC, Reuters reported on Thursday. “The new loan, guaranteed by the finance ministry, has a five-year maturity and is being syndicated to international and Gulf banks,” according to banking sources. No details were provided on what the EEHC plans to use the loan for, but we thinks odds are reasonable it’s related to the upgrade of the national electricity grid and / or bids to connect the grid to Saudi and other countries.

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