Orascom to raise USD1.95b loans for Egypt power station
(MENAFN) Orascom Construction is set to raise USD1.95 billion in syndicated loans which will be used for the USD3 billion first phase of a coal-fired power station in Egypt, Reuters reported.
Orascom and Abu Dhabi state fund International Petroleum Investment Company (IPIC) formed a joint venture to build the much-needed power station. The first phase of the project would be funded through roughly 80 percent debt and 20 percent equity.
National Bank of Abu Dhabi will be the project's co-financial advisor, and is joined by Arab African International Bank, Arab Bank, Banque Misr, Commercial International Bank , National Bank of Egypt and QNB Alahli as lead arrangers.
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