A banking consortium of seven local banks signed a Sharia-complaint financing contract worth EGP2 billion for Egyptian Electricity Transmission Company (EETC) to develop its network to facilitate new capacities added. ADIB Egypt, Al Baraka Bank Egypt and Industrial Development & Workers Bank of Egypt (IDWBE) were the main arrangers of the financing. Al Baraka Bank Egypt will provide EGP500 million, IDWBE will offer EGP500 million and ADIB Egypt will contribute EGP350 million. The remaining EGP650 million will be provided by four other local banks as follows: EGP250 million by United Bank of Egypt, EGP200 million by Misr Iran Development Bank, EGP100 million by Bank for Development and Agricultural Credit and by Egyptian Arab Land Bank. The duration of the financing is 15 years including a grace period of three years, the sources said, adding that EETC received the first tranche last week. (Al Mal)   Al Baraka Bank Egypt: EGP9.17 as of 02 March 2016, Rating: Buy, FV: EGP12.43 per share, MCap: USD160 million, SAUD EY / SAUD.CA Abu Dhabi Islamic Bank - Egypt: EGP3.77 as of 02 March 2016, Rating: Buy, FV: EGP7.24 per share, MCap: USD96 million, ADIB EY / ADIB.CA