KFAED to finance Egyptian power plant
The Kuwaiti Fund for Economic Development (KFAED) recently approved a $400 million loan facility supporting the establishment of a power generating plant in Egypt, reported KUNA. The project, to be built on a build-operate-transfer (BOT) is expected to cost $422 million.
According to Egypt’s Minister of Electricity and Energy Hassan Younis the plant will have the capacity to generate approximately 1,500 megawatts of electricity per day. Construction will be taken up in two phases, each adding 750 megawatts of electricity to Egypt energy production capacity.
KFAED was established in 1961 as the State of Kuwait’s agency for the provision and administration of financial and technical assistance to developing countries. The operations of the Fund were originally confined to Arab countries. In 1974 the scope of the Fund's activity was extended to the rest of the developing world, and its capital was increased from 200 million Kuwaiti dinars to one billion dinars ($3.25 billion). — (menareport.com)
© 2002 Mena Report (www.menareport.com)