FINANCIAL BANKING NEWS

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EEC Lends Egypt $27mn

The European Economic Community has agreed to lend ECU30mn ($27mn) to Egypt, in accordance with the second EEC-Egypt financial protocol. The loan will be used for the construction of a fourth 315-MW unit at the gas-fuelled Shoubra al-Khaima power station in North Cairo. The European Investment Bank (EIB) is to provide the loan for a 15-year period at a 5.35% annual interest, with a 3% subsidy from the EEC budget. Finance for the...