Emirates NBD to fund AED827mn Egyptian power plants

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Emirates NBD affirmed its commitment to supporting mega national projects and securing the necessary financing, thus contributing to the Egyptian economy’s development and boosting production in light of the bank’s expansion plan in the Egyptian market.
Emirates NBD Egypt signed a EGP2 billion (AED287mn) facility contract with the Egyptian Electricity Holding company during a signing ceremony at the Egyptian Electricity Holding company premises with the presence of Amr Azab, Head of Corporate Banking at Emirates NBD and the team of the bank headed by Tamer Assem, Head of Large Corporate Division and Sherif Karam, Head of Power & Electricity Sector from the Corporate Banking.
The total capacity for the 2 power plants are 4,800 MW for each plant in Borolos in Kafr El Sheikh and the New Administration Capital.
Amr Azab, Head of Corporate Banking at Emirates NBD , stated, “Increasing our loan portfolio is an integral part of our strategy in the Egyptian market. This is clearly evident through the bank’s move last week to finance two power plants in the New Capital and Borolos for a total of EGP 2 billion.”
He added, “Energy projects are critical to the Egyptian economy, industrial development and the construction of new urban communities. Emirates NBD’s contribution to their financing confirms our determination to support the government’s efforts to develop infrastructure and achieve integrated development.”
Gaber Eldessouky, Chairman of the Egyptian Electric Holding Company, stated, ” Emirates NBD ‘s contribution to financing the new power plants emphasizes its dedication to supporting development efforts and the addition of 9,600 MW to the national electric grid as part of the government’s plan to meet future energy needs.”

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