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FINANCIAL NEWS
Egypt’s EGBank inks EGP2bn deal with UEEPC to finance maintenance
02 Apr 2017
(MENAFN) The Upper Egypt Elect Production Co. (UEEPC) has inked a deal loan with the Egyptian Gulf Bank over EGP2bn in order to finance a maintenance program.
Accordingly, the loan will be paid over the period of 11 years with a grace period of 4 years and will include offering foreign currencies, including dollars, euros and yens.
Meanwhile, the first tranche of the loan will be offered this week at a worth of USD50mn, while the provision of the remaining amount will take place due to a schedule based on the firm”s fiscal commitments.
In addition, the firm will pay its dues to the firms working in the maintenance and modernization of UEEPC’s stations, which include Korimat Complex Station: Korimat 1, 2, and 3, with capacities of 2.127MW.
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MENAFN0204201700450000ID1095360485
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