The Kuwait Fund for Arab Economic Development (KFAED) has agreed to finance the first stage of construction of the Nobariya power station in Egypt. The $97 million loan will cover 23 percent of project’s cost, reported Al-Ahram. The loan has a 22-year re-payment schedule with a six-year grace period.
The power station will have a capacity of 750 megawatts and will be connected to the national electricity network by the end of 2003. The total cost of the project is expected to reach $424 million, of which 71 percent will be financed by foreign investments.
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)
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