Egypt wins $240m World Bank agreement for power project

The World Bank has signed an agreement with Egypt for the third phase of the North Giza power project.

The $240m loan will enable the gas power plant to have a 1500 MW combine cycle gas turbine and two steam turbines with 250 MW capacity for each, in addition to two boilers, reports Energy Business Review.

The three stage project is expected to cost a total of EGP3.7bn ($610.8m) and will supply power to more than five million households in the governorate of Giza.

The World Bank has contributed $600m for the project in 2010, in addition to financing package from the European Investment Bank at $340m, OPEC Fund for International Development at $30m, and local component of $380m.

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