150 million Euros loan to Egypt to set up Power Station

The European Investment Bank (EIB) decided to offer a long-term loan worth 150 million Euros to Egypt's Electricity Holding Company to fund setting up a power station in northern Cairo, according to a statement by the bank.

"The station will be operated in 2005 and works by natural gas. The latest technology will be used in setting up the station whose capacity will reach 650 megawatt," the statement said.

This is the ninth loan of its kind to be given to the Egyptian electrical sector since 1979.

The volume of loans given to Egypt by the EIB since 1979 is estimated at 2 billion euros and they all were used in funding projects in the infrastructure, industrial development and environment domains.