en.Wedoany.com Reported - Korra Energi has obtained a credit facility totaling EGP 300 million and USD 15.56 million from Kuwait Finance House (KFH) to construct a 500 kV transmission line connecting the Gulf of Suez.

According to an exchange disclosure document, the company also received EGP 160 million and USD 2.76 million to issue performance guarantees to the Egyptian Electricity Transmission Company (EETC). Additionally, Korra Energi secured a USD 12.8 million letter of credit and an EGP 140 million overdraft facility to pay suppliers for the project, refinance external documents, and cover project cash flow gaps.

Through a consortium with High Dam Electrical & Industrial Projects Co (HIDELECO), the recently listed company won one of the largest transmission projects currently under construction in Egypt, with a total investment ranging between EGP 12 billion and EGP 14 billion. The project is divided into eight packages, attracting competition from major local and international companies and consortia.

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