Prime Minister Hazem al-Beblawy on Sunday attended the final signing ceremony of a loan agreement worth US$70 million with the OPEC Fund for International Development to finance a power plant south of Helwan.
The agreement was signed by Minister of International Cooperation Ziad Bahaa Eddin on behalf of the Egyptian government and Suleiman Al-Herbish, the fund’s director general.
Also attending the ceremony was Minister of Electricity and Energy Ahmed Imam.
The project aims to meet the growing demand for electricity through a steam power plant of three units that will produce 1950 megawatts. Operations are planned to begin in 2017
Beblawy thanked OPEC for supporting the Egyptian economy, and Herbish confirmed cooperation with Egypt over the next three years.
The fund attaches great importance to food security, energy and infrastructure in countries benefiting from it. The fund has been financing 20 projects in Egypt since 1977 for an estimated value of US$450 million, including the North Cairo power station, the Koraymat power station, the West Cairo power station, the Tebbin power station, the Abu Qir power station, the North Giza power station, and the Banha power station. It has also provided Egypt with 24 grants totaling US$24.6 million.
The current cooperation portfolio between Egypt and the fund is estimated at US$275 million which funds some 11 projects in irrigation, education, agriculture and health.
Edited translation from Al-Masry Al-Youm