150M. Euro for second stage of Nubariya power station

The extraordinary meeting of the General Assembly of the Electricity Holding Company Monday approved under Egypt's Minister of Electricity and Energy Hassan Younis an agreement on a loan of 150 million euros offered by the European Investment Bank (EIB) to finance the second stage of the 750-megawatt Nubariya power station project.

The assembly also approved an agreement of a 5-billion-yen loan offered by the Japan Bank for International Cooperation (JBIC) to finance the foreign components for the 500-kilovolt Cairo-Nubaraiy-Sidi Krir power grids. This project contributes to sustaining the Arab power linkage line between Egypt and the Arab Maghreb countries.

Younis said the 5-year plan for the sector was prepared on a basis of a growth rate in power consumption tantamount to 5.5 percent annually but the drastic change in consumption patterns led to a rise of 7.5 percent.