Home > Business News > World Bank to lend Egypt $620 mln for power plant

World Bank to lend Egypt $620 mln for power plant

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The World Bank has agreed to lend Egypt 3.4 billion Egyptian pounds to fund its North Giza power plant project, state news agency MENA said on Wednesday.

The plant is set to come onstream during the first quarter of 2013, MENA said.

The World Bank has already provided Egypt with a $50 million grant to partly fund the country’s first solar power plant at Koraymat, the agency quoted Minister of Electricity Hassan Younes as stating.

Younes has said that Egypt aims to more than triple its installed power capacity by 2027 by adding 58,000 MW at a cost of about $100 billion to $120 billion.

Egypt, the most populous Arab country, has capacity of about 25,000 MW and around 99.1 percent of its population has access to electricity.

Credit: Reuters

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