IFC contributes $177 million to finance industry, energy projects

The annual report of the International Finance Corporation, affiliated to the World Bank, states that the corporation will finance investment projects worth $ 177.24 million in the fields of industry and energy in Egypt.

The corporation has agreed to participate in the financing of two electricity-generating stations to serve Sharq El-Tafriaa in Port Said and the Gulf of Suez, with a sum of $ 96 million.

The total cost of the projects will be $ 686.4 million.

The corporation has also allocated $ 30 million to insurance and finance companies; $ 35 million to the Hermes Holding Company's projects; $ 2.5 million to the Egyptian cement company's $ 6 million to it businesses for the upgrading of high tech and technological consultancies; and $ 3 million to paper projects.

According to the report, in 2001, the corporation allocated $ 4.74 million to a steel project costing $ 14.5 million.