BNP Paribas lends Egypt's Electricity Holding Company $650 mln to upgrade power plants

Ahram Online , Wednesday 21 Dec 2016

The loan will be used in developing power plants in the Egyptian governorates of Damietta and Assiut

Egypt's Electricity Holding Company signed on Wednesday a loan agreement with the French lender BNP Paribas worth $650 million in order to develop power stations in two Egyptian governorates, the Ministry of Investment said in a statement.

The loan will be used in developing and upgrading the generating capacity of power plants in Damietta and Assiut governorates to produce 2,250 megawatts instead of 1,500 megawatts.

The project will be carried out over three years by General Electric and the Egyptian company Orascom Construction.

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