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KFAD signs USD 100 mln loan with Egypt
March 29, 2014, 9:45 am
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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.

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