World Bank to loan $240m for Egyptian gas power plant

The World Bank approved have approved a $240m loan to help Egypt develop the Giza North gas power project as it strives to meet growing demand for electricity.

The funding is part of a $600m loan approved by the World Bank in June 2010 for the gas power plant project near Cairo.

"The project is the most effective way to quickly strengthen the ability of the power sector to cover the gap in electricity supply and serve more than five million households," the World Bank said in a statement.

In 2010, the World Bank said the project involved a 1500 MW gas turbine power plant, which would use natural gas as the main fuel and light diesel oil as a back up. It will be operated by the Cairo Electricity Production Company.

The World Bank said on Feb. 2 that it was in talks with Egypt on a $1bn budget support loan.

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