A consortium of banks led by the National Bank of Egypt (NBE) will provide a long-term joint loan of EUR 30 million to Midor Electricity (MidElec) to boost the capacity of the power plant in the Middle East Oil Refinery (MIDOR), according to Al-Ahram.

In addition to NBE, the consortium includes Credit Agricole, Suez Canal Bank, and Faisal Islamic Bank. Yehia Abou El-Fotouh, NBE’s Vice President, said that NBE’s and Credit Agricole’s share amounted to EUR 12 million each, while Suez Canal Bank and Faisal Islamic Bank’s share amounted to EUR 3 million each. 

Abou El-Fotouh remarked that the loan is valid for nine years, during two of which MidElec would be able to withdraw money and the remaining seven for the company to settle the loan. Through financing, the bank is keen to enhance the company’s capabilities to accommodate the expansion of MIDOR.

Hisham Okasha, NBE’s Chairman, commented that the contract aligns with the banks’ strategies to provide the necessary funds for energy projects in national and foreign currencies.