President Abdel Fattah El Sisi gave directives to secure about EGP 37 billion local soft loans for electricity transfer and distribution projects, a well-placed source at the Electricity Ministry said.

In statements to MENA on Thursday, the source said coordination is underway among the Electricity Ministry, Central Bank of Egypt (CBE), Ministry of Finance and national banks to secure EGP 18 billion for the two-year transfer projects and ُEGP 19.4 billion for the three-year distribution ventures.

The source said the Electricity Ministry is already overloaded with loans for producing electricity, therefore the interest rates of the EGP 37 billion soft loans will be paid by the Finance Ministry and CBE.

The president is keen on the comprehensive renovation of the electricity mechanism to operate in full power, the source said.