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National Bank of Abu Dhabi leads OCI-IPIC plant financing: Sawiris - Daily News Egypt

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National Bank of Abu Dhabi leads OCI-IPIC plant financing: Sawiris

Financing was obtained in record timing, the top Egyptian businessman added 

The National Bank of Abu Dhabi is leading a consortium of banks for the construction of a coal-fired plant, OCI’s CEO Nassef Sawiris told Daily News Egypt.

Speaking on the sidelines of the Economic Summit in Sharm El-Sheikh, Sawiris said the Bank is expected to contribute with a $750m investment.

The coal-fired plant is expected to be financed with $3bn, and will be constructed by Orascom Construction Industries (OCI) and the International Petroleum Investment Company (IPIC).

In November, Orascom announced it will construct the plant, which will run at a capacity of between 2,000MW-3,000MW, in conjunction the UAE-based company.

On Saturday, Sawiris signed an agreement with a consortium of banks led by the National Bank of Abu Dhabi. Sawiris also signed the plant’s agreement with the Ministry of Electricity.

The construction tycoon said the project “is a direct mandate given to IPIC and OCI by Sheikh Mansour Bin Zayed”. He stated that Sheikh Mansour was the “father of this idea which is to try and bridge Egypt deficit gap in power generation”.

Abu Dhabi’s primary support was the main catalyst behind the project, and crystallised the direction of Sheikh Mansour, Sawiris said.

The consortium also includes the Arab African Bank, the National Bank of Egypt, and the Commercial International Bank, the construction tycoon highlighted.

Obtaining the necessary finances for the $3bn coal-friendly plant, to be constructed by Orascom Construction Industries and IPIC, was completed in record timing.

Discussing his opinion on the Summit, the construction tycoon said that it was a great success.

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