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D.Bank, HSBC, KfW fix 3.5bn euros finance for Egypt power plants

Reuters , Wednesday 13 Apr 2016
Deutsche Bank
File Photo: The Deutsche Bank headquarters in Frankfurt are pictured April 28, 2010 (Reuters)
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Views: 1785

Deutsche Bank, HSBC and KfW's Ipex Bank have arranged 3.5 billion euros ($4 billion) in financing for Egypt's state-owned electricity company EEHC to buy three gas power plants from Siemens, Deutsche Bank said on Tuesday.

The three are syndicating the debt to 17 international banks, with Deutsche Bank acting as coordinating bookrunner.

The financing is being underwritten by Germany's export credit guarantee agency Hermes, and the loans are guaranteed by the Egyptian Finance Ministry.

The first financing tranche for one of the three planned plants - part of Siemens' biggest-ever single order - was secured in November.

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