Financial and Banking News
ADB Lends Egypt $271mn
The African Development Bank (ADB) has agreed to lend Egypt $271mn to financethe $350mn West Cairo electric power station. The loan is for 15 years, withfive years' grace, at a 7.4% interest rate. The project involves theconstruction of two 350 MW dual-fired power stations, and the ADB loan coversthe bulk of the foreign exchange component of the scheme. France is lendingEgypt $23mn for the same project,...