African Development Bank funds for Egypt’s energy sector hit $1.2bn

African Development Bank (ADB) has allocated finances estimated at US$1.2 billion to enhance Egyptian energy sector, Khaled El-Askari -principal energy officer at ADB- told Amwal Al Ghad Thursday.

He stated that the bank is studying participating with US$100-200 million to finance establishing the power plant in Beheira governorate.

On Wednesday, the Egyptian Cabinet endorsed the draft of President Abdel Fattah al-Sisi’s decree on the $600 million-loan provided by the European Investment Bank (EIB) to the electricity plant.

Beheira’s Damanhour power plant is set to operate with the capacity of  1,800Mw and is part of state’s five-year plan to develop the national power grid by 2017.