The European Investment Bank (EIB) has given the green light to a 75 million euro soft loan to Egypt, to finance the establishment of a power station located north of Cairo.
According to Ali el-Saedi, Egypt’s minister of electricity and energy, a delegation from the EIB will arrive in Cairo on April 21 to finalize procedures regarding the loan. The minister added that his ministry has received also the approval of the Fund for Economic Development and the Islamic bank for a further $131 million in funding for the project.
When complete, the new power station will generate 750,000 kilowatts of electricity. It will be joined to the national power grid in 2004. Saedi said that the new power station is one of four such facilities that will be set up before 2005.
Earlier it was reported that that preparations are underway to build a solar energy in the East Oweinat area. Reportedly it will cost $400 million and will be built and operated privately, under the BOT (Build, Operate and Transfer) system. – (Albawaba-MEBG)
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