EGYPTNational Bank of Kuwait – Egypt (NBK-Egypt) has provided a finance of EGP 850 million (US$54.05m) to Madkour for Projects Company, one of the national companies in the field of energy and infrastructure projects.

Madkour will use the financing to carry out the works assigned to the company by the Ministry of Housing to replace and upgrade medium and low voltage electricity networks in some villages of Markaz Esna and Markaz Armant in Luxor Governorate.

The financing agreement was signed at NBK-Egypt’s head office in the presence of Mr. Yasser El-Tayeb, NBK – Egypt Vice Chairman, Managing Director & CEO, where the agreement was signed by Mr. Amr El Alfy, Head of Business Group from NBK-Egypt’s side, and Dr. Mostafa Madkour, Chairman of the Board of Directors from the side of Madkour for Projects Company.

Mr. Yasser El-Tayeb stated that NBK-Egypt’s financing of this mega project comes in line with its strategy to support the State’s plans in financing major national projects, especially electricity projects, given their great importance as the cornerstone of development in various areas of life, and the main driver of all economic activities.

This is instrumental to achieve inclusive development in all communities, as all countries of the world seek to secure their electricity needs, which prompted the Egyptian State to proceed strongly towards launching many mega electricity projects.

On his part, Mr. Amr El Alfy mentioned that since several years, NBK – Egypt has been adopting a clear strategy to support and finance mega and infrastructure projects that help the State in its plans to achieve progress and prosperity for all segments of the Egyptian people.

Therefore, financing this vital project is a clear example for this strategy due to its great economic feasibility, as well as its key role in supporting the State’s development plans, driving production and securing more job opportunities for people.

Dr. Mostafa Madkour expressed his pleasure with signing this agreement with a reputable bank like NBK – Egypt, which does not hesitate to provide the necessary financing for any vital projects that would serve the Egyptian economy and society.

He also added that Madkour Group is proud of its contribution to the “Decent Life” project, which supports the Egyptian citizen and the economy, noting that NBK-Egypt’s contribution in these projects reflects its solid financial position and attention to different vital sectors of the Egyptian economy and society.

Madkour Group is one of the leading national companies engaged in energy and infrastructure sector projects, with over 50 mega projects executed over the last five years.

Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals and insights from Africa’s business, economy and more. SUBSCRIBE HERE