The Egyptian Electricity Holding Company (EEHC) is working on receiving a $100 million from a banking consortium, reported Al Mal News.

The fees are for importing the spare parts required for developing the electricity distribution grid.

The $100 million worth letters of credit will be secured through a banking consortium including, Bank Misr, National Bank of Egypt (NBE), Qatar National Bank (QNB), Arab African International Bank (AAIB), and Commercial International Bank (CIB).

The letters of credit will be divided between the five banks: EGP 12.2 billion will come from NBE, EGP 12.2 billion from Bank Misr, EGP 8 billion from QNB, EGP 4 billion from AAIB, and EGP 2 billion from CIB.

EEHC received the first tranche of the loan, worth EGP 1.3 billion, and is expected to receive new tranches within days.

The loan has been agreed to have 18.75% interest rate, of which the Ministry of Finance would pay 12$, and it will have years loan tenor, the Minister of Electricity and Renewable Energy, Mohamed Shaker, said.