Egypt, WB Sign Contract for South Helwan Power PlantSource: www.export-egypt.com 11/7/2013, Location: Africa |
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Egypt and the World Bank (WB) signed a contract to finance the establishment of South Helwan power plant that will generate power from clean natural gas.
The $ 585.4 million project will contribute 10 percent to electricity targeted in 2018 and help create 4,000 jobs, said Deputy Premier and International Cooperation Minister Zeyad Bahaa al-Din, who signed the deal with WB Vice President for Middle East and North Africa Inger Andersen. The project aims at helping the country to address growing energy demands. He stated that the project will rebuild confidence in investments in the energy sector in Egypt at this critical stage and boost economic development. The infrastructure of the project includes a 1950 megawatts supercritical steam technology power plant fueled by natural gas and associated gas pipelines, he added. The WB, the largest co-financier, has deepened its partnerships with several regional and international players to finance Helwan South Power Project including: the Arab Fund for Economic and Social Development, Islamic Development Bank, Kuwait Fund for Arab Economic Development and OPEC Fund for International Development (OFID). |
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