European bank willing to finance Egyptian nuclear ambitions
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This piece was written for Egypt Independent's final weekly print edition, which was banned from going to press. We...
This piece was written for Egypt Independent’s final weekly print edition, which was banned from going to press...
This piece was written for Egypt Independent’s final weekly print edition, which was banned from going to press....
European bank willing to finance Egyptian nuclear ambitions
On
Thu, 11/11/2010 - 11:00
The European Investment Bank (EIB) is willing to finance Egypt’s nuclear program should a deal be successfully struck with the government, bank head Carl-Frederik Gronhagen said.
Gronhagen said the EIB endorses small and medium-sized projects ranging from €100,000 to €75 million, with manpower totals reaching 500 personnel. The bank also handles infrastructure projects, he added.
Gronhagen also said EIB interest rates are lower than those offered by Egyptian banks.
In August, a number of Egyptian banks, including Arab African International Bank (AAIB) and Banque Du Caire, amended their credit policies to enable them to fund the nuclear project.
Ministry of Finance studies have reviewed all possible funding sources, including the state’s general budget.
Egypt, in June 2009, contracted consultants for an anticipated project undertaking with Worley Parsons, an Australian company.
Egypt plans to install four nuclear reactors by 2025, with the first one operational in 2019. It hopes nuclear power will provide 10 percent of electricity demands.
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