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Government signs LE 580 million loan agreement to fund power plant construction - Daily News Egypt

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Government signs LE 580 million loan agreement to fund power plant construction

Plant in Al Beheira part of LE 36 billion plan to add 7,000 megawatts by 2012 CAIRO: Minister of International Cooperation MIC Fayza Aboul Naga signed a $102 million (LE 580 million) loan agreement Monday on behalf of the Egyptian Government with the Kuwait Investment Fund to finance the construction of Al Atf Power Plant …


Plant in Al Beheira part of LE 36 billion plan to add 7,000 megawatts by 2012

CAIRO: Minister of International Cooperation MIC Fayza Aboul Naga signed a $102 million (LE 580 million) loan agreement Monday on behalf of the Egyptian Government with the Kuwait Investment Fund to finance the construction of Al Atf Power Plant in Al Beheira Governorate.

Loan terms were not immediately available, but a MIC official told The Daily Star Egypt the deal was signed at “favorable terms for the government. Government-owned West Delta for Electricity Production will be in charge of implementing the project.

The Ministry of Electricity (MOE) began working in late 2006 to secure financing for Al Atf and Sidi Krir Power Plants, part of its 2007-12 expansion plan. The total cost of the projects is projected to reach LE 5 billion, of which MOE plans to finance largely through other loans, says Mohamed Awad, Egyptian Electricity Holding Company chairman.

According to an MOE statement, the stations to be built will have a combined output of 1,500 megawatts. Al Atf and Sidi Krir are part of the ministry’s plan to add 7,000 megawatts of output to national production by 2012, projected to cost LE 36 billion, according to MOE.

In December, The European Investment Bank signed an agreement with MOE for a ?260 million (LE 2 billion) loan, in line with the European Union’s Neighbourhood Policy, to help finance the construction of two power stations at Al Atf and Sidi Krir.

Earlier this month MOE said it will add 1,000 megawatts to the national power grid in 2007 through the construction of four power stations in North Cairo, Kremat and Tulkha, completing the ministry s five-year plan, begun in 2002, to add 4,500 megawatts to the country s output.

Topics: FJP

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https://www.dailynewsegypt.com/2007/01/23/government-signs-le-580-million-loan-agreement-to-fund-power-plant-construction/
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