Cairo – Mubasher: The board of directors of Elsewedy Electric Co approved the terms and conditions of the facility agreement with Banque Misr at a value up to $185 million, excluding fees, commissions and other expenses.
The facility agreement is aimed at opening documentary credit and issuing letters of guarantee for paying for designing and establishing the Rufiji Dam hydropower plant in Tanzania, Elsewedy Electric said in a bourse disclosure on Thursday.
During the first nine months of 2020, Elsewedy Electric Co achieved net profits of EGP 1.93 billion, down from EGP 2.78 billion in the year-ago period, including minority shareholders’ rights.
