HSBC, Credit Suisse arrange $500 – 750m financing for EEHC

01 May 2018

HSBC Egypt and Credit Suisse are securing a medium-term loan worth USD 500 – 750mn in favor of the Egyptian Electricity Holding Company (EEHC) to meet its financial and investing needs over the coming period.

The two lenders have sent information note on the financing to some Gulf banks owning branches and units in Egypt including National Bank of Abu Dhabi, Union National Bank, Mashreq Bank, Emirates NBD and Ahli United Bank, according to sources.

In a press conference last Tuesday, Managing Director and CEO of Bank ABC Akram Tinawy said that his bank and the parent group in Bahrain will contribute USD 100mn to a significant financing for electricity sector, giving no further information about the total financing.

The loan duration is 5 years, and the grace period of withdrawing and using liquidity has yet to be determined, a source told Al Mal newspaper.

Despite the fact that the basic needs of EEHC amount to USD 500mn, the company asked the banking institutions to approve securing a maximum of USD 650mn, the sources said.

arabfinance

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