The Egyptian Electricity Holding Company (EEHC) is negotiating a $100 million loan from a banking consortium, Al Mal News reports.

The funds are for importing spare parts for the electricity distribution grid.

The financing will be secured through a banking consortium that includes: 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 has received the first tranche of the loan, worth EGP 1.3 billion, and is expected to receive further tranches over the upcoming days.

The loan will have an 18.75% interest rate–of which the Ministry of Finance would pay 12%–and it will have a 15 year maturity period, the Minister of Electricity and Renewable Energy, Mohamed Shaker, said.