German Development Bank awards Egypt $1 million grant
The German Development Bank (KfW) recently awarded the government of Egypt a five million Egyptian pound loan (one million dollars), under the framework of cooperation protocol signed by the two states to finance feasibility studies for the establishment of four hydroelectricity plants along the Nile riverbank, reported Al-Alam El Youm.
The hydroelectricity plants are expected have a combined capacity of 36 megawatts and will generate annual savings of EP 28 million, equivalent to the value of fuel imported to generate energy from thermal plants.
KfW plays an active role in the business areas of investment finance, export and project finance, financial cooperation with developing countries and advisory services. Its subsidiary DEG promotes private-sector initiatives in developing countries. KfW’s Social Development Fund for Egypt focuses on creating jobs and generating income for poorer groups of the population. — (menareport.com)
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