Egypt signs EGP 780 mls power project financed by Arab, Islamic funds

Egypt's Minister of Power and Electricity Hassan Younis signed a contract to provide gas turbine for a power plant project in Banha city, north of Egypt, worth 780 million Egyptian pounds and financed by Arab and Islamic funds. In a press statement on Friday, Younis said that the foreign component of the project will be financed by the Kuwait Fund for Arab Economic Development, Saudi Fund for Development, Arab Fund for Economic and Social Development, Islamic Bank for Development, Abu Dhabi's fund and OPEC fund, Younis noted. He added that the local component of the project will be financed by Middle Delta Electricity Production. The project's estimate cost would reach 4.4 billion Egyptian pounds, he noted. The Egyptian minister pointed out that the project is part of the country's (2011-2017)-five-year-plan. It consists of two gas turbines and a steam unit with a total capacity of 750 megawatt. The simple cycle of the power plant is expected to be operated by June, 2013, while the combined cycle will be launched in June, 2014. The plant will be connected to the national electricity network to ease off electricity loads on other stations. The project will be based on a multi-operational system to allow as many local power companies as possible to be part of this project.