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Sunday, 7 August 2016

Banking consortium to fund EGP c 15 bn, 6,000 MW coal power plant in Matrouh

An unnamed EGP 15 bn, 6 GW coal-fired power plant in Matrouh is lining up a facility from Al-Ahly Bank, Banque Misr, CIB, National Bank of Egypt, and QNB, The lenders are reportedly lining up to provide the LCY financing component for the plant, for which Japan’s Mitsubishi Heavy Industries is providing equipment. The loan could reportedly increase to EGP 17 bn, and up to an additional 10 banks may join the syndicate, according to an unnamed source. Preliminary agreements should be finalized within the next two weeks, the source added.

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