The Industrial Development & Workers Bank of Egypt (IDWBE) is considering contributing between EGP 400m and EGP 500m to a syndicated loan to the Egyptian Electricity Transmission Company (EETC), being arranged by the Abu Dhabi Islamic Bank – Egypt (ADIB), reports Al Mal.
The EETC is to receive the loan with a guarantee from the Egyptian Ministry of Finance. The loan is reported to last 15 years with a liquidity value of EGP 2b to EGP 3b, according to Al Mal.
ADIB, along with three other banks had previously seized a deal to arrange a larger loan to the EETC worth EGP 3b in total. The IDWBE is also negotiating loans for other projects, including an agreement with the Social Fund for Development worth EGP 35m to support Egyptian bakeries.