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Wednesday, 17 August 2016

House Energy Committee approves USD 108 mn loan to fund South Helwan power plant

The House Energy Committee approved a USD 108 mn loan with preferential terms from the Kuwait Fund for Arab and Economic Development (KFAED) to help finance the South Helwan power plant, an unnamed source from the Electricity Ministry told Al Borsa on Tuesday. The loan carries a 2.5% interest and would be paid over 20 years, with a grace period of five years. The loan was signed between the International Cooperation Ministry and KFAED in March. The project is set to contribute 1.9 GW to the national grid produced by three supercritical steam power plants each with a capacity of 650 MW, and has financial commitment from the World Bank in the amount of USD 585.4 mn out of a total USD 2.4 bn estimated project cost. As of the end of May, the project construction was 43% complete with an estimated date of completion set for the end of 2018.

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