Banks, arranging the EGP 4.6 billion loan for the East Delta Electricity Production Company, signed the contract extension of the long-term loan after extending the grace period by six months started from last June.

Sources close to the matter said the company received about 70% of the value of the loan. Such finance is the largest one offered by banks in Egypt to the electricity sector as banks finance about 74.2% of the project’s investment cost which is valued at EGP 6.2 billion.

The National Bank of Egypt (NBE) acted as the loan lead arranger and facility agent. NBE contributed with EGP 1.6 billion to the syndicated loan. Banque Misr and Commercial International Bank (CIB) and Arab African International Bank (AAIB) acted as the main loan arrangers. Faisal Islamic Bank of Egypt, Al Watany Bank of Egypt (AWB) and BNP Paribas Egypt acted as loan arrangers. The Export Development Bank of Egypt, Union National Bank-Egypt, Egyptian Gulf Bank, Crédit Agricole Egypt, United Bank, Alex Bank and Blom Bank Egypt acted as loan contributors.

Banque Du Caire contributed with EGP 450 million to the syndicated loan after approving an offer from Banque Misr to contribute to the syndicated loan.