Emirates NBD Egypt has signed an agreement for a loan worth EGP2b ($225.25m) with state-run Egyptian Electricity Holding Company to finance two major power projects, Amwal Al Ghad reported. The total capacity for the two power plants will be 4,800 MW each,  Utilities wrote.

The first project is located in Burullus, near the town of Kafr el Sheikh, some 210km north of Cairo, while the second plant is set to be in the Egyptian new administrative capital city.

“Emirates NBD affirmed its commitment to supporting mega national projects and securing the necessary financing, thus contributing to the Egyptian economy’s development and boosting production in light of the bank’s expansion plan in the Egyptian market,” a bank statement read.