Siemens paid in EUR. Banks left holding the bag for EUR loans to a non-EUR nation... as usual. Good luck.
The financing of major parts of Orascom Construction and Siemens´ scope for the two power plants will be provided by a consortium of international and regional banks.
The credit facilities are largely covered by Export Credit Agencies. Representatives of the financing banks and Egyptian Electricity Holding Company (EEHC) came together in Cairo in the presence of the Egyptian Prime Minister, Eng. Sherif Ismail to ink the loan agreements.
Signed! Today, the two remaining loan agreements were signed for Burullus and New Capital power plants in #Egypt https://t.co/fTaJmHXniV /pe— Siemens Press Office (@siemens_press) March 9, 2016