The Kuwait Fund for Arab Economic Development (KFAED) and Egypt signed on Saturday, Dec. 6 a financing agreement at a total value of KWD 30 million (nearly $102 million) to finance the expansion of a power station, West of Cairo.
The two parties also signed a Memorandum of Understanding (MoU) to provide KWD 1 million ($3.5 million) in technical assistance to fund a study aimed at exploring means of exploiting human and natural resources in the so-called Safaga-Qaseer-Qena triangle area.
The expansion of the West Cairo power station aims to fulfill the growing electricity needs. The funding will be used to build a new steam turbine to produce 650 megawatts.
The KFAED’s loan, to be paid over 24 years with additional six-year grace period, will cover 13% of the total cost of the project.