A banking consortium led by Citibank International has lent Tunisia's national electricity and gas company STEG 140 million dinars ($96 million, 113 million euros) to help boost power supplies, the banks announced Saturday, November 18.
The consortium of 14 local and foreign banks signed the syndicated credit agreement with STEG on Friday to enable the Tunisian power company to finance development of its electrical power services.
STEG has in recent years stepped up its activities in the gas sector, but is expected to meet an increase in demand for electricity supplies which will rise by an estimated eight percent by 2010, the statement said. The state power company currently has an annual turnover of more than 650 million dinars, it added.— (AFP)
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