Saudi Fund allocates US$100 million to upgrade Egyptian power plant

The Saudi Fund for Development (SFD) has approved to allocate US$100 million to finance a project to upgrade the West Cairo power plant, Ahmed Qattan, Saudi Arabia’s ambassador to Egypt, said Wednesday. The project to upgrade the Egyptian power plant aims to generate additional 650 megawatts.

Qattan said the loan is dedicated to support Egypt’s development efforts, stressing that Saudi Arabia would continue backing Egypt in all fields.

He added that the fund took part in funding a power plant in Damietta last year with total amount of 375 million Saudi riyals (US$99.8 million).
The Saudi Fund for Development (SFD) is a Saudi government agency that channels bilateral aid to developing countries, predominantly through grants and soft loans. Established by royal decree in 1974, the fund began operations in 1975. Loans often support infrastructure development, such as road and dam construction, construction or rehabilitation of hospitals and health clinics, and the expansion of water and sanitation services; they also support work in education, housing and urban development, the energy sector, and education.