Egypt signed a deal with Japanese Mitsubishi Hitachi Power Systems to develop two gas turbines for the North Cairo Power Station, reports Amwal Al Ghad.
The contract is worth $109.1 million. Financing for the deal was secured through Japan’s Official Development Assistance (ODA). The loan, which has a 10-year grace period, will be repaid over 40 years.
The project is to assist the Egyptian government boost Egypt’s energy efficiency and decrease greenhouse-gas emissions.
The Egyptian Electricity Holding Company (EEHC) has also secured a $243 million loan from JICA to finance automated control centers for electricity distribution companies in Alexandria, North Delta, and North Cairo, reports Daily News Egypt.