Sace finalises Egypt power plant deal

26 November 2014

Italian agency guaranteeing $261m loan

Italy’s export credit agency (ECA) Sace has finalised the details of a funding deal to finance the expansion of Egypt’s 6 October power plant in the Giza district of Cairo.

The agency is guaranteeing a €210m ($261m) loan, arranged by a group of banks led by the UK’s HSBC, to fund a contract awarded to Italy’s Ansaldo Energia by Egyptian Electricity Holding Company (EEHC).

The funding was finalised during a meeting with President Abdul Fattah al-Sisi in Rome on 25 November. A collaboration agreement between Sace and the Egyptian government to support further trade and investment was also signed during the meetings.

Ansaldo Energia has been contracted to design, build and commission a new 600MW open-cycle power plant that will double the facility’s power generation capacity.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications