Global, Local Banks to Fund FiT with $3b

Global, Local Banks to Fund FiT with $3b

30 international and local banks are interested to get in talks with renewable energy projects in order to finance phase II of the Feed-in-Tariff (FiT) projects with $3b, reported Daily News Egypt.

Governmental sources stated that the interested banks include the International Financing Corporation (IFC), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the Export-Import Bank of China, the KfW Development Bank, BNP Paribas, HSBC, and the African Development Bank (AFDB), reported Al Borsa.

The banks further include English, American, Norwegian, and Italian banks, in addition to Arab banks that include the National Bank of Egypt (NBE), Emirates NBD, the Commercial International Bank (CIB), the Arab African International Bank (AAIB), Banque Misr and the Al Baraka Bank of Egypt.

Several Banks had previously agreed on funding the projects under phase I of the FiT but they withdrew because of a dispute on the conditions of arbitration. After it has been amended, the banks will continue negotiating with the investors.

Head of the FiT unit at the Egyptian Electricity Transmission Company (EETC), Lamia Youssef, stated that the financing institutions do not have objections to the agreement after amending the arbitration condition to be at the Cairo Regional Centre for International Commercial Arbitration (CRCICA) with the possibility to move arbitrations to Paris if both parties of the agreement agree.

Sarah Samir 2531 Posts

Sarah has been writing in the oil and gas field for more than a year. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.


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