MidElec to borrow EUR 30 mn to boost power to Midor refinery

Midor’s electricity company, MidElec, has signed a EUR 30 mn loan agreement with a consortium of four banks to increase the capacity of its power plant which supplies the company’s oil refinery, Al Mal reports, citing informed sources. The company will borrow EUR 12 mn from both the National Bank of Egypt and Credit Agricole, EUR 3 mn from the Suez Canal Bank, and EUR 3 mn from Faisal Islamic Bank. The loan has a nine-year repayment term.