EBRD loans $200 million for Egyptian power plant

Egypt and the European Bank for Reconstruction and Development (EBRD) have signed Tuesday a US$200 million loan to finance a power plant in Damanhur, 160 km (99.4 miles) northwest of Cairo.

Egyptian Minister of International Cooperation, Sahar Nasr has signed the agreement in the presence of EBRD’s Managing Director for the Middle East, Hildegard Gacek, and EBRD’s Country Director for EBRD in Egypt, Philip ter Woort.

Minister Nasr has also witnessed the signing of the loan deal between EBRD and the Egyptian Electricity Holding Company (EEHC).

Damanhur power plant project is with total cost of US$1.3 billion, in which the European Investment Bank (EIB) will contribute with US$600 million, the African Development Bank Group (AfDB) with US$80 million, and the Arab Fund for Economic and Social Development (AFESD) with US$200 million.