The Egyptian Gulf Bank (EGB) signed an agreement with the Upper Egypt Electricity Production Company (UEEPC) for EGP2bn financing. The loan will be utilised for the maintenance and development of the company’s power stations. The loan is split into tranches in EGP, USD and EUR, and the first USD50mn tranche is set to be disbursed this week, according to UEEPC’s CEO Ibrahim El Shahat.
Egyptian Gulf Bank: USD0.94 as of 30 Mar. 2017, Rating: Neutral, TP: USD1.22/share, MCap: USD271mn, EGBE EY/EGBE.CA