China Development Bank offers USD 3.7 bn in financing to Egypt’s EEHC

BANKING WATCH- The China Development Bank is offering USD 3.7 bn in financing to the Egyptian Electricity Holding Company for the construction of the 6 GW Hamrawein ‘clean coal’ power plant, unnamed sources told the domestic press. Construction of the plant was awarded to a consortium of Chinese companies and Hassan Allam Holding at a total cost of USD 4.4 bn last year. The remainder of the financing for the project is expected to come from local banks, according to the sources. The Egyptian government was said in October to have been seeking better terms from CDB on the financing package.