Egypt in $550m power plant loan deal
Cairo, December 25, 2010
The African Development Bank (AfDB) has lent Egypt $550 million to build a 650-megawatt gas-fired power plant, the bank said.
The plant, located in Suez city, 150 km east of Cairo, will utilize Egypt’s abundant gas reserves as a feedstock, AfDB said on Friday.
'The $550 million loan, the biggest ever granted to Egypt in a single operation, underscores the importance which the African Development Bank attaches to power generation,' it said a statement.-Reuters