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Host Country: Egypt |
Industry/Sector: Equipment |
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Sponsor: Egyptian Electricity Transmission Company |
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Borrower: Egyptian Electricity Transmission Company(EETC) |
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Total Investment: USD 811,790,000 |
Debt Amount: USD 690,018,600 |
Financing Terms:15 Years |
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Purpose of Financing: |
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The purpose of the loans is to finance the construction of EETC 500kV transmission lines under the EPC contract between China Electric Power Equipment and Technology Co., (Contractor) and Egyptian Electricity Transmission Company. |
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Guarantee Structure: |
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(1) Egypt Sovereign Guarantee (acted by the Ministry of Finance of Egypt)
(2) Long-term Export Credit Insurance covered by Sionsure |
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Participating Banks and Roles: |
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Leading Bank:
The Export-Import Bank of China, China Development Bank , Bank of China Limited, Beijing Branch
Agent Bank:
Bank of China Limited, Beijing Branch |
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Overview and Highlight of Project: |
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Egypt's EETC 500kV transmission lines project is the largest transmission lines project in Egypt’s history. In January 2016, the commercial contract was formally signed at the presence of President Xi Jinping and President Abdel Fattah El Sisi. It is the first successfully implemented project between China and Egypt under the framework of the “Belt and Road” construction; the first successful contracting project under the framework of “China-Egypt Industrial-Capacity Cooperation”; the first successful implemented project under the mechanism of “Banks and Policy insurance Institution”. It will effectively drive the integration of China's EHV transmission technology, equipment and engineering general contracting to “going global” and promote the power sector cooperation between China and Egypt. After the completion of the project, the power transmission capacity of the gas power station in the Nile Delta region will be greatly enhanced, and the overall safety of the national grid structure of the Egyptian National Grid will be comprehensively enhanced, which is of great significance for promoting the economic development of Egypt and the rational use of electric energy.
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Awards or Public Evaluation: |
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The project will actively promote the development of upstream and downstream industries such as power, electrical equipment and raw materials in Egypt and the Middle East, creating about 7,000 job opportunities for Egypt. |
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Other Information: |
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N/A |
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