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Wednesday, 24 October 2018

Egypt, Shanghai Electric to finalize financing talks over USD 4.4 power plant next week

The Egyptian Electricity Holding Company (EEHC) will meet with China’s Shanghai Electric next week to finalize financing agreements for the USD 4.4 bn, 6 GW-capacity Hamrawein “clean coal” power plant, sources close to the matter said. While the China Development Bank (CDB) has made a financing offer, the EEHC is reportedly not happy with the terms and still and interest rates laid out in the offer. Once funding from the CDB is secured, however, the EEHC plans to take out another syndicated loan from the National Bank of Egypt (NBE) and CIB to finance the project, sources added. Shanghai Electric leads a consortium made up of Hassan Allam Holding and Dongfang Electric, which signed the EPC contracts for the project during President Abdel Fattah El Sisi’s visit to China last month.

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