Shura Council’s Industrial Production and Energy Committee headed by Tarek Moustafa has given in-principle approval over the government’s agreement with the Islamic Development Bank which offered to contribute US$ 250 million to the second segment of the finance needed to establish South Helwan Power Plant.
The committee announced it will discuss the final report of the finance agreement in the public session of the Council in order to be approved. Head of the committee stated that the Egyptian president Mohamed Morsi had earlier approved this agreement, but it will not be in effect before the Shura Council’s approval.
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.
It is worth noting that the project includes 18 processes that will be executed by different companies.