EETC pays EGP 4.2bn in debts to NIB

The Egyptian Electricity Transmission Company (EETC) paid EGP 4.2bn of its debts to the National Investment Bank (NIB) during the fiscal year (FY) 2017/18.

Sources told Daily News Egypt that EETC will pay its debts to the bank on monthly instalments for 10 years, according to the agreement, in exchange for dropping the lawsuits against the company.

The sources pointed out that the company has developed a plan to pay debts to other companies to dismantle financial intermediation, in coordination with the Egyptian Electricity Holding Company (EEHC).

The EETC buys electricity from energy producing companies, to re-sell it to distribution companies.

The improvement in the company’s total assets reached 52%, while 92% of the budget’s targets were realised, with investments reaching EGP 20.8bn.

The EETC held a general assembly, during which several decisions were approved, including the budget for the FY 2017/18.

Chairperson of the company, Gamal Abdel Rahim, said that the EETC is working to develop a transmission network, to improve its quality, and reduce energy losses.

He explained that work is underway to implement transmission network development projects.

Rahim said that such a project will be either through the establishment of modern electricity transmission lines, or improving the existing lines, especially in Upper Egypt and the most vulnerable governorates.