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A consortium of international banks led by Deutsche Bank have signed three loan agreements under the partial cover of Euler Hermes and amounting to €288mn for Israel Electric Corporation Limited.

The financing, which will be made available under an existing framework agreement between Israel Electric and Deutsche, will be used to finance supplies and services under separate supply contracts of Siemens AG, Germany, and Alstom Germany for the expansion of two gas-fired power plants by each company.

The following banks have joined the consortium: Deutsche Bank, Natexis Banques Populaires, BNP Paribas, Crédit Lyonnais, DekaBank Deutsche Girozentrale, Helaba – Landesbank Hessen – Thuringen Girozentrale and Société Générale.