An Islamic descending contribution funding contract has been signed between Banque Misr and Upper Egypt Electricity Production Company, for upgrade, replacement and renovation of El Walidiea Power station in Assuit, which has a total capacity of 612 Megawatt. The project will comprise the installation of 2 production units to increase the station’s capacity. The Islamic financing contract is amounted to LE 285 Million.
The signing ceremony was attended by Eng. Ahmed Mostafa Imam - Minister of Electricity and Energy; Mr. Mohamed Abbas Fayed - Vice Chairman of Banque Misr, in addition to some BM’s top management members, Eng. Fathy El Sayed - the Chairman of the Board of Upper Egypt Electricity Production Company; and Dr. Mohamed Habib, the Chairman of the Board of the Electricity Holding Company. It is worth mentioning that this is the first Islamic Descending Contribution contract to be granted to electricity sector and it comes as a concrete testament to Banque Misr’s commitment to support this vital sector, proving BM pioneering role in backing the national economy and putting its strategic objectives into actions to support various economic sector.