$ 370 million to finance 1st stage of Nobaria power station

The electricity sector received initial approvals to allocate $ 370 million to finance the first stage of Al Nobaria power station from Arab funds and investment banks, said Electricity and Energy Minister Hassan Younis Friday.

This came after envoys from these parties visited Egypt and held talks with the Ministry officials on the economic and technical feasibility of the project, he added.

The Minister asserted that the state would not backtrack on allowing the private sector to build power stations, adding that there would be new restrictions.

The Arab Fund for Economic and Social Development (AFESD) agreed to contribute with $ 100 million and the Kuwaiti Fund for Development agreed to earmark the same sum to the project, said Younis.

The European Investment Bank agreed to allocate $ 135 million and the Islamic Bank agreed to contribute with $ 35 million, he added.