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European Investment Bank Signs Loan Agreement to Finance El Shabab Plant

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On February 6, 2014, the European Investment Bank (EIB) signed a loan agreement in the amount of €205 million (US$ 279.6 million) to finance the El Shabab power plant project in Egypt. The project will be co-financed by the European Bank for Reconstruction and Development (EBRD) and the Saudi Fund for Development (SFD). Funds will be used to convert an open-cycle power plant to a combined-cycle gas plant. The conversion is expected to increase efficiency and output by 50%.

EIB Vice-President Philippe de Fontaine Vive took part in the signing ceremony. “Our aim is to support the new Egypt’s social and economic transition by financing projects encouraging growth and employment,” he said at the event. “We aim to contribute to the improvement of the daily life of the Egyptian people and to the building of a future for the younger generation.”

The EIB has approved €1 billion (US$ 1.36 billion) in loans for projects in Egypt in the last two years, and has signed €637 million (US$ 868.7 million) “so far in key economic and social sectors.”

Also present at the signing ceremony was Mr. Nidal E. Assar, Deputy Governor of the Central Bank of Egypt.

According to the EIB’s website, in 2012 it lent out €52 billion (US$ 71 billion), €7 billion of which was lent out for projects outside the European Union.

Capital Constellation Backs Middle Market PE Platform

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Capital Constellation is the investment platform owned by the Alaska Permanent Fund Corporation (APFC), RPMI Railpen, and Wafra Inc. on behalf of the Public Institution for Social Security of Kuwait (PIFSS). [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Canadian Pension Giants Could Support Trans Mountain Pipeline Deal

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The British Columbian (B.C.) government and indigenous groups publicly oppose the Trans Mountain Pipeline project over a number of issues, which include environmental concerns (potential pipeline spills) and land protections. The threat of project derailment sent jitters to Houston-based Kinder Morgan, Inc., requiring the company to halt non-essential spending on Trans Mountain Pipeline L.P. Calgary-based Kinder Morgan Canada Limited, which owns the pipeline, is a listed company that is 70% owned by Kinder Morgan and 30% owned by stock market investors (float). Kinder Morgan Canada hired TD Securities to explore options regarding the future of the pipeline.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Goldman Sachs Poised to Name David Solomon as New CEO

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Goldman Sachs is poised to name David M. Solomon, the firm’s president, as its new CEO, replacing Lloyd C. Blankfein. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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