NBE leads banking consortium to provide €30m loan to Midor

CAIRO - 7 May 2020: The National Bank of Egypt (NBE) said on Wednesday that it will lead a banking consortium including Credit Agricole Egypt, Faisal Islamic Bank of Egypt, and Suez Canal Bank to arrange a long-term syndicated loan worth €30 million for Midor Electricity Company (MIDELEC).

The move comes in line with the participating banks’ strategies aiming at providing energy projects with needed funding, either by local or foreign currency, to boost national economy, NBE’s chairman Hisham Okasha said in a statement.

The step, he said, reflects NBE's pioneering role in boosting national projects that contribute to the economic development of the country, he said.

The NBE and Credit Agricole Egypt will each contribute €12 million to the loan, while Faisal Islamic Bank of Egypt and Suez Canal Bank will each provide a funding of €3 million, NBE’s vice chairman Yehia Aboul Fotouh noted.

The nine-year loan will be repaid over seven years to start from the third year of signing the loan.

The loan will be used to finance part of the investment cost for expanding an electricity plant owned by Midor through providing a 50-megawatt gas turbine.