Arab Fund Grants $88m Loan to Egypt
The Arab Fund for Social and Economic Development signed Sunday a loan agreement offering 27 million Kuwaiti dinars ($88 million) to Egypt in order to finance the building of a new power plant north of Cairo, reported the official Kuwait news agency (KUNA).
Sources at the Kuwait-based fund told KUNA that the new plant would boost the electricity production in Cairo by 750 megawatts.
The sources said that the loan, to be provided to the Egyptian electricity holding company, would carry a three percent annual interest rate and would be paid in full within 25 years.
The new offering brought the total amount of loans presented to Egypt to 499 million dinars ($1.6 billion), said KUNA – Albawaba.com