The total amount of syndicated loans the National Bank of Egypt has made to the electricity sector over the past 5 years is approximately EGP39.4b, according to NBE Deputy Chairman, Mahmoud Montasser. Daily News Egypt reports that 26% of these loans went to expand production and capacity at 20 Egyptian power plants and mobile units across the country.

NBE granted EGP2.4b to the electricity sector in Banha and Abu Qir to support electricity transmission infrastructure and to maintain the power plants and other infrastructure owned by the Egyptian Electricity Transmission Company.

In December, the Egyptian Electricity Holding Company was granted EGP10b to establish three major new power plants. The NBE official stressed that the Egyptian banking system places great importance on Egypt’s electricity sector due to its vital role in the country’s economic growth. Investment in the sector by Egypt’s banks should encourage greater investment in other sectors, Montasser hopes.