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FINANCIAL NEWS
World Bank lends Egypt $270m
06 Oct 2010
(MENAFN) Egypt’s news agency, Mena, said that Egypt has secured a $270 million loan from the World Bank to finance a solar power plant including a $100 million investment by Clean Technology Fund, associated with the World Bank, and a $170 million loan from the bank, Reuters reported.
Egypt, which has about 25,000 mega watts of power capacity, has experienced repeated outages this year and plans to spend $100-120 billion to triple capacity by 2027.
The Kom Ombo Solar Power Plant, located in southern Egypt, will supply 100 mega watts.
Egypt had previously secured a $600 million loan from the World Bank to help fund the North Giza Power Plant on the outskirts of Cairo. The North Giza plant will supply 1,500 megawatts of electricity.
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