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FINANCIAL NEWS
Egypt’s EETC inks USD757m loan deal with Bank of China
08 Nov 2016
(MENAFN) The Egyptian Elect Transmission Co. (EETC) has signed USD757mn loan deal with the Export-Import Bank of China to finance the establishment of 1.210 km-long elect lines.
Accordingly, Chinese State Grid has started the installation of the lines in many locations and obtained the advance in the contract.
Moreover, the Chinese firm is handling the implementation of the project, which includes establishing the project, its design as well as the collection of funds from banks.
The Ministry of Elect and Renewable Energy has allocated EGP11.4bn to support the unified grid for elect transmission to cope with the anticipated overload in summer 2017.
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