Banque Misr has agreed to secure a tranche of EGP10bn, accounting for 50% of financing deal signed by Egyptian Electricity Holding Company (EEHC) with the National Bank of Egypt (NBE) last week, with the latter arranging 50% of the financing. The loan will be used by EEHC to pay financial obligations owed to Egyptian General Petroleum Corporation (EGPC). The total financing amounting to EGP20bn will be received within two days. The loan will be repaid over seven years, with an interest rate of 15.75%, according to sources. Local banks will be invited to participate in covering a large proportion of the loan in the next few weeks. The loan will be disbursed as one tranche to EGPC, and it will be repaid by EEHC. (Al Mal)