The Egyptian Minister of Electricity and Energy Ahmed Emam announced that the Shura Council’s Industrial Production and Energy Committee will discuss on Sunday the Islamic Development Bank’s offer to contribute US$ 250 million to the second segment of the finance needed to establish South Helwan Power Plant.
The 1950 MW-power plant is part of the five-year plan 2012/2017 and its investment cost is valued at about EGP 13 billion, he added.
The power plant will operate three natural gas-run steam turbines and will be connected to the national power grid to meet the rising demand for electricity. The plant is expected to be in operation in 2017.
The Islamic Development Bank offers US$ 450 million on two payments, and the agreement of the first payment was signed in June 2012.
The foreign-currency segment of the loan will be financed by a number of international finance institutions and Arab funds such as Arab Fund for Economic & Social Development, Kuwait Fund for Arab Economic Development and International Bank for Reconstruction and Development as well as self-finance resources of Upper Egypt Electricity Production Company.