EEHC looks to borrow $90m for Upper Egypt Electricity

The Egyptian Electricity Holding Company (EEHC) has negotiated with five local banks to borrow $90m to finance the maintenance programmes of Upper Egypt Electricity Production Company (UEEPC).

UEEPC Chairperson Ibrahim El-Shahat said that the loan that was agreed with a local bank to finance the maintenance work has been cancelled, so the EEHC began negotiating with other bodies to secure the funding.

The deal, signed by UEEPC with the local bank, stipulated repaying the loan over 11 years with a grace period of up to four years. According to the agreement, the loan includes tranches in Egyptian pounds, US dollars, and euros.

Published in Daily News Eygpt, 28th March, 2018