Egypt secures power plant funding

24 October 2010

$120m will be used to fund the launch of a combined cycle 750-megawatt power generating station

The Egyptian government has signed three agreements with the Islamic Development Bank Group (IDB) under which the country will receive $120m in financial services from the Jeddah-based bank, Saudi Gazette has reported. The funds will be used to fund the launch of a combined cycle 750-megawatt power generating station in Banha, northwest Cairo. The amount also includes a Shariah-compliant $10m loan for backing the medium and small enterprises in Egypt.

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