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New Saudi loan to Egypt worth $ 100 million

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rocky
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New Saudi loan to Egypt worth $ 100 million

Post by rocky on Fri 11 Aug 2017, 2:59 am

New Saudi loan to Egypt worth $ 100 million




Egyptian President Abdel Fattah al-Sisi on Thursday approved a 375 million Saudi riyals ($ 100 million) loan to expand a 650-megawatt power station in Cairo.

According to the Egyptian media. The project aims to contribute to meet the growing demand for electricity in Egypt by increasing the generation capacity in the Cairo area by adding a steam generating unit with a capacity of 650 MW.

On April 8, 2016, the Egyptian government and the Saudi Development Fund signed a loan agreement to expand a power plant west of Cairo.

The total cost of the project is estimated at $ 780 million and is expected to be completed by the end of 2019.

The first installment is due to the Egyptian government from the amount of the agreement on April 1, 2021, and the repayment ends in early October 2035, by repaying the loan in 30 installments.

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