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Egypt to borrow USD100m for two power plant projects

Saturday 01 November 2014 06:28 PM

Ibrahim Mehleb
Ibrahim Mehleb

Al Mal:

Egypt’s Prime Minister Ibrahim Mahlab has witnessed signing two agreements totaling USD100m to finance two power station projects, as well as a financing agreement worth USD250m between the Saudi Fund for Development (SFD) and the Egyptian General Petroleum Corporation to finance Saudi exports to Egypt.

Egyptian ministers of international cooperation, electricity and petroleum, as well as Saudi minister of finance and the chairman of SFD, and other Saudi officials have attended the signature ceremony.

The two projects come as part of a plan to meet the mounting demand for power by increasing the capacity of the two generating plants.

These funds come in the framework of the Saudi aid to Egypt after January 2011 uprising, including a package of facilitated loans of USD500m provided by SFD to finance developmental projects in the country in various domains such as housing, drinking water, irrigation, supply, power, health..etc.