Monday, 25 September 2017 11:33 GMT

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KFAD signs USD 100 mln loan with Egypt

(MENAFN - Kuwait News Agency (KUNA)) Kuwait Fund for Arab Economic Development (KFAD) announced signing a loan agreement of about USD 100 mln to fund Asyut steam power plant with a capacity of 650 MW



Egyptian Minister of Electricity and Renewable Energy Mohammad Shakir said in a statement on Friday that he will attend the agreement signing next week in Cairo. The power plant project aims to meet the increasing demands on energy in the country, said Shakir, noting that the electricity sector has already set development plans for 2012-2017



The investment cost of the project is estimated at EGP 5166 million, and in addition to (KFAD) the funds are also provided in cooperation with international and Arab financial organisations, namely the Arab Fund for Economic and Social Development, the Islamic Development Bank (IDB), and The OPEC Fund for International Development (OFID), said Shakir
KFAD signs USD 100 mln loan with Egypt

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