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FINANCIAL NEWS
Egypt approves power grid plan deal with Saudi Arabia
24 Aug 2016
(MENAFN) The Egyptian parliament approved to connect with Saudi Arabia in the power grids plan deal, which are the two biggest systems in the Arab world.
Moreover, the grid will help enhance both sides whole power-generation capacity to more than 90.000 MW.
Both sides signed the agreement in Cairo with a loan, which will carry a 2.5 percent interest rate and will be repaid in installments over 20 years.
In addition, the girds will be joined through three stations; the city of Badr in Egypt, and the two Saudi cities of Medina and Tabuk.
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