Egypt- HSBC, Citibank compete to assess Siemens power plants

High-level government sources told Daily News Egypt that Egypt's sovereign wealth fund is choosing between HSBC and Citibank to evaluate Siemens's power stations in Beni Suef, Burullus and the New Administrative Capital (NAC). The consultant who will undertake the evaluation will be announced within a few days.

The sources added that the financial adviser to be selected will undertake the review of documents and contracts and assess the cost of the stations in preparation for their presentation to foreign companies for investment and the purchase of their shares.