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FINANCIAL NEWS
Egypt secures $270m loan from World Bank
06 Oct 2010
(MENAFN) Egypt’s state news agency MENA said that the government has secured a $270 million loan from the World Bank to fund a solar power plant, Reuters reported.
Egypt, which has about 25,000 megawatts of power capacity, has suffered repeated outages this year and plans to spend $100-120 billion to triple capacity by 2027.
The $270 million includes a $100 million investment by the Clean Technology Fund, which is affiliated with the World Bank, and a $170 million loan from the bank, the statement said.
Egypt said in August it had secured a $600 million loan from the World Bank to help finance the North Giza Power Plant on the outskirts of Cairo.
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