FINANCIAL NEWS

Egypt receives USD100m from KSA for major power station

26 Nov 2015

(MENAFN) the Saudi Fund for Development (SFD) agreed to grant Egypt a loan of USD100m to carry out the expansion and development of West Cairo Power Station, according to the latest reports.

The huge project’s goal is to improve the West Cairo Power Station to meet the growing demand for energy by building a new unit for generating electricity using steam inside the West Cairo Power Station.

In more detail, the development consists of steam electricity production units with capacity of 650 MW with all its extensions and services needed for its operation and linked to the unified grid.

Basically,, Egypt seeks to offer resources from overseas to support the state budget and provide hard currency to ease the pressure on the pound, hence it is negotiating loans of about USD4.5bn from the World Bank.

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