Elsewedy Electric
The trade director shared that the bank and Hassan Allam Holding signed a $200 million credit facility to support its projects across Africa and the Middle East
The Egyptian consortium also started preparations for retaining water to fill the reservoir of the giant Julius Nyerere Hydropower Project (JNHPP), the ministry added in a statement on Friday.
The contract was signed in partnership with the Egyptian company for the renovation and maintenance of railways (ERTRAC) and Gharably Integrated Engineering Company (GIECO).
It added that part of the funding will be allocated to refinance previous concessions obtained by ElSewedy Electric, in order to support the company's efforts to reduce carbon emissions.
“As part of this agreement, Elsewedy Electric will partner with Wolong Electric to provide top quality electrical motors that comply with IEC and NEMA standards to the Egyptian market. Products will be used in various industries starting with home appliances and electric vehicles to medium voltage motors used in heavy industries."
As for the standalone profits, the company recorded profits of LE1.1 billion during 2021, compared to LE 2.3 billion during 2020.
ElSewedy Electric owns 99.98 percent of Egytech Cables company.
The contract is for the supply, installation and maintenance of 132 KV ground cables for supplying the main substations 132/11 KV of (N3&N4) regions for EL Multaa Residential city.
The company clarified that the contracts are to construct three substations in Central and North Sinai.
The company clarified in a filing to the Egyptian Exchange (EGX) that the contract is to build substation for electricity Company of Ghana.
As for standalone results, the company recorded profits of LE 55.97 million during 2021 period, compared to LE 2.15 billion during the six months of 2020.
The company clarified that the addendum is to execute the internal electricity network (medium and low voltage) for an area of 20,000 new reclaimed feddans (2 plots Nos. 17 & 18) for the Middle Egypt Electricity Distribution Company in the East Owenat region, New Valley Governorate.
It recorded a net profit of LE 769.49 during the first quarter of 2021, compared to profits of LE 463.69 million during the first quarter of 2020, taking into account minority rights.
As for standalone results, the company recorded profits of LE 2.29 billion during 2020, compared to LE 2.41 billion during 2019.
The project will power the island of Boubyan and Mubarak Al Kabeer Port, currently being constructed by the Ministry of Public Works.
“The scope of ElSewedy Electric for Trading & Distributing in the project includes -electrical, mechanical work, road words and water networks on turnkey basis,” the company clarified.
The company clarified that the contract is to execute the sewage treatment plant Njih with the capacity of 6000m/3day in Al Sharqia governorate in Egypt.
The contract is for the construction of Kattameya Creeks compound in New Cairo area in Egypt.
The execution duration is 18 months for ITS for-highway roads in Egypt including Traffic Management System (TMS) and toll collection system (TCS) in addition to the main control rooms in the ACUD, phase one includes six highway roads with total 1079 km.
The deal included the construction of overhead transmission line (2X30 km) worth E£148 million on turnkey basis to connect Toshka 4 substation.
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