World Bank approved on Tuesday offering US$ 240 million aid to improve Egypt’s electricity station in Northern Giza to meet Egypt’s increasing demands on power.
This fund is a part of US$ 600 million loan, approved by World Bank in June 2011 to support the electricity project in Northern Giza near Cairo.
World Bank said in a statement that this project is the most effective means to foster the power section capabilities to bridge the gap between the power’s supply and the demand so as to meet the requirements of more than 5 million families.
In 2010, World Bank said that the project includes a 15000 MW gas turbine power station, fueled with natural gas as a primary power source and diesel as a secondary power source. Cairo electric production company will manage this station.
World Bank said on February 2nd that there are talks with Egypt over the US$ one billion loan in order to finance Egypt’s budget.