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.

More News

This website uses cookies to ensure you get the best experience and by clicking “I Accept” below, you consent to the use of cookies. Learn more

This site is registered on wpml.org as a development site.