International Bank Finances North Giza Power Plant With US$ 150 Mln

The official spokesman of the Ministry of Electricity and Energy Aktham Abu Al Ela said the third phase of the North Giza Power Project will be provided by €15 million from the European Investment Bank and US$ 150 million from the International Bank for Reconstruction and Development as well as self funding resources from the Cairo Electricity Production Company.

The establishment of the third phase has been already started, he noted, adding that the third phase will be in service by the beginning of 2014 as the first and second phases will be in service in summer 2013.

The components of the project include: four 250 MW gas turbines, four heat recovery steam generators and two 250 MW steam turbines.

The total cost of the three units is EGP 7.514 billion (US$ 1.366 billion).