Italian agency guaranteeing $261m loan
Italys export credit agency (ECA) Sace has finalised the details of a funding deal to finance the expansion of Egypts 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 UKs HSBC, to fund a contract awarded to Italys 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 facilitys power generation capacity.