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FINANCIAL NEWS
Egypt to get USD240m WB facility for power plant
15 Feb 2012
(MENAFN) The World Bank (WB) agreed to give Egypt USD240 million facility to finance the Giza North power development in order to meet growing demand for electricity, Reuters reported.
The loan is part of a USD600 million programme approved in June 2010 for the Giza North project near Cairo.
Cairo Electricity Production Company will operate the project will include a 1,500 megawatt gas turbine power plant, which would use natural gas as the main fuel and light diesel oil as a back up.
The World Bank said earlier this month that it was in talks with Egypt on a USD1 billion budget support loan.
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