Arab Bank Egypt has inked an agreement to secure EGP775 million financing for the Egyptian Electricity Transmission Company (EETC) to expand its networks to accommodate the newly-added capacities. Egypt’s Minister of electricity Mohamed Shaker announced earlier that 6,882 MW had been added to the national grid during 2015 at a total cost of EGP38 billion. The loan will have a duration of five years. Sources said that the funding includes a foreign currency proportion of USD35 million. The local currency stake of EGP500 million has been signed and disbursed, while the foreign currency stake signing is pending. The financing has been utilised as an advance payment to a Chinese firm in charge of developing power transmission networks, the sources said. (Al Mal)