An Egyptian government official has affirmed that the Egyptian-Saudi electricity linkage project is due to be finalized within a few months. The two countries will be able to share electric power of up to 3,000 MW during the off-peak periods of the exporting country, reported Asharq Al-Awsat. The project will be finalized in 2018.

It is envisioned to enable the two countries to use each other’s power surplus during overload times and aims to enhance the stability of the two countries’ electric networks. Media Meter further explained that Saudi Arabia’s peak time in the summer falls between noon and mid-afternoon, while in Egypt, the peak time is after sunset.

The entire project’s cost is estimated at $1.6b; the cost needed from the Egyptian side is $600m and the Kuwait Fund for Arab Economic Development (KFAED) will contribute with a $100b loan to help finance the power linkage project, according to Media Meter. The Egyptian parliament’s electricity committee has approved the loan signed by Prime Minister, Sherif Ismail, in 2015.

The Arab Fund for Economic and Social Development, the Islamic Development Bank (IDB), and the Egyptian Electricity Transmission company, will also be contributing to the funding of this project.

It is also worth noting that this is not the first project that was advised to be fast-tracked this month. The Egyptian President, Abdel Fattah Al Sisi has encouraged finalizing the nuclear plant agreements with Russia as soon as possible. The first of the four nuclear power plants is set to be completed in 2022 and should be operative by 2024.

The Dabaa nuclear power plant will open up wide chances for further bilateral cooperation between the two countries to achieve more sustainable economies, Al Bawaba reported.