15 January 2009 – In late December 2008, the Board of directors of the African Development Bank approved a US$450 million loan for an Egyptian thermal power plant.
The projects involves the construction of a 1300 MW (2×650 MW) supercritical steam turbine power plant 112 km east of Cairo. This is part of the government’s 6th National Development Plan (2007-2012) in which the expansion of electricity infrastructure is among the top priorities. Power demand in Egypt is growing at an estimated 6.38% per annum Egyptian Electricity Holding Company (EEHC) is under pressure to increase generation capacity to meet rising demand.
The project has an expected life span of 68 months and total costing for the plant is estimated at US$ 1.850 billion with the AfDB loan financing 22.42% of the project. The rest of the financing is provided by the World Bank (29.90%), EEHC (27.22%), Fades Arab Fund (10.23%) and KFAED Kuwait Fund (10.23%).