FINANCIAL BANKING NEWS
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...