Italy’s Ansaldo and South Korean Doosan  won tenders to install turbines at power plants in Asyut and West Cairo. Sources stated that Doosan will install turbines to Al Walidiya-3 power plant in Asyut after signing a EGP 576m contract which will be paid as $58.824m and EGP 53.560m, reported Al Borsa.

Meanwhile, Italy’s Ansaldo won a contract to install boilers with total investments of almost $119m that are divided to around $78.8m in USD, $39.19m in Euros, and EGP 19.37m. The contract will be signed in February 2017.

The companies that competed with Doosan over the tender included Mitsubishi-Hitachi Union, General Electric, Harbin, Shanghai, and Siemens. While, among the companies that were competing with Ansaldo are Doosan, Mitsubishi-Hitachi Union, and General Electric.

Sources added that Egypt succeeded in securing the foreign fund of Al Walidiya power plant from four Arab funding institutions, which include the OPEC Fund for International Development (OFID), providing around $55m, the Arab Fund for Economic and Social Development (AFESD) at about $180m, Kuwait Fund for Development, providing around $98.38m, and Islamic Development Bank (IDB), providing $220m.