Midor Electricity wants EGP 485 mn EUR loans to raise capacity of power plant

Midor Electricity (Midelec) is negotiating with local private and state-owned banks, including the National Bank of Egypt, to obtain a EUR-denominated loan worth EGP 485 mn to raise the capacity at its power plant by 50 MW, sources told Al Mal. The plant provides electricity to the Midor, Amreya, and Alexandria refineries. The financing would be disbursed over five to seven years, with the agreement and first withdrawals starting in 2020.