EIB and Arab funds grant Egypt $200 million for new power plant
The European Investment Bank (EIB) has given Egypt 75 million euros ($70 million) for the construction of a 750,000 kilowatt power plant, Egyptian Electricity Minister Ali al-Saidi was quoted as saying Friday by the official agency MENA.
Saidi also announced that the Kuwait-based Arab Fund for Economic and Social Development and the Saudi-based Islamic Development Bank agreed to donate $131 million for the same project. The new plant will be operational by the end of 2004, he said.
An EIB delegation will arrive in Cairo on April 21 to discuss the terms of the agreement with Egypt-Electricity officials, the minister added. This project is part of a wider scheme for the construction of several electrical power plants by 2005, in an attempt to meet electricity demand in Egypt, where consumption is increasing by seven percent a year, Saidi added. —(AFP)
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