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FINANCIAL NEWS
Egypt receives $120m loan from IDB
21 Oct 2010
(MENAFN) The Islamic Development Bank Group (IDB) and the Egyptian government signed three deals under which the Jeddah-based bank will offer financial services amounting in value to $120 million to Egypt, Reuters reported.
The funds will be mainly channeled to the project to launch a combined cycle power generating station in Banha, northwest Cairo, with a capacity of 750 megawatts.
The planned station will use both steam generators and gas turbines to generate hot combustion gases, then the oxygen-containing gases from the turbines will used to support combustion of the fuel in the steam generator.
The total cost of the station tops $806 million of which $235 million will be covered by the government and $30 will provided by the Middle Delta Electricity Production Co., the developer of the project.
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