Egypt signs new gas deal with Mitsubishi Hitachi

Egypt signed Wednesday a new contract worth 400 million yen ($109.1 million) to develop two gas turbines of its North Cairo power station with Japan’s Mitsubishi Hitachi Power Systems.

Mitsubishi Hitachi will revive the two gas turbines in cooperation with the Japan International Cooperation Agency (JICA), to support Egyptian government’s effort to improve energy efficiency and reduce greenhouse gas emissions.

The project, worth 12 billion yen, will be through a sector soft loan from Japan’s Official Development Assistance (ODA) that will be paid over 40 years, including a 10-year grace period.