AFESD to fund Egypt – Saudi Arabia Power Linkage

Egypt’s Deputy Prime Minister and Minister of International Cooperation Ziad Bahaa El-Din announced that the board of directors of the Arab Fund for Economic and Social Development (AFESD) has approved providing two soft loans, worth US$ 362 million, to contribute to funding the agreement between Egypt and Saudi Arabia to link their electricity grids and the Assiut Hydroelectric Power Plant about 650 megawatts of power, according to State Information Service (SIS) website.

In statements on Monday 23/12/2013, Bahaa el-Din said that the project between Egypt and Saudi Arabia will allow power trading between the two countries.