News Column

IDB to Lend Egypt Egp 2.75 Billion for South Helwan Power Plant

June 27, 2014

Egypt and the Islamic Development Bank (IDB) signed a loan agreement whereby the bank will offer EGP 2.75 billion to finance the 1950-megawatts South Helwan power plant, Minister of Electricity and Energy Mohamed Shaker said on Thursday 26/06/2014.

Minister Shaker said that money would go for the steam turbines, condensers and the generators of the plant that will boost the national power grid. He added that the signing ceremony will take place later in the day.

The plant, that costs EGP 12.5 billion, includes three steam turbines and is fueled by natural gas.

Other co-financiers of the plant are the World Bank, the Kuwaiti Fund for Arab Economic Development, the Arab Fund for Economic and Social Development.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: AllAfrica

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters