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UAE’s ENBD to finance $225m Egypt power plants

Each 4,800MW plant in Borolos and New Administration Capital will be developed through Emirates NBD's fund facility, created with Egyptian Electricity Holding

by Neha Bhatia
UAE's ENBD to finance $225m Egypt power plants
UAE's ENBD to finance $225m Egypt power plants

UAE bank Emirates NBD (ENBD) confirmed it has inked deals to fund two power projects in Egypt. 

ENBD Egypt signed a $225.1m (EGP2bn) facility contract with Egyptian Electricity Holding for two power plants, each generating up to 4,800MW of energy. 

The plants will be located in Borolos in Kafr El Sheikh, and New Administration Capital areas. 

Construction schedules for the projects are yet to be revealed.

Remarking on the deal, Amr Azab, head of corporate banking at Emirates NBD, said: “Increasing our loan portfolio is an integral part of out strategy in the Egyptian market.

“This is clearly evident through the bank’s move last week to finance two power plants in the New Capital and Borolos,” he continued, according to state agency WAM. Â