The Egyptian House of Representatives approved three funding agreement for various energy projects, with a combined value of $942m.
The Egyptian House of Representatives approved presidential decree 231 for 2016 in regards to a memorandum of understanding (MoU) between Egypt and Japan to construct a new solar power plant in Hurghada with a capacity of 20 MW. The Japan International Cooperation Agency’s (JICA) provided project funding through a $243m loan to the Egyptian Electricity Holding Company, over 40 years and at interest rates of 0.3% for supply expenses and 1% for consultancy fees, Al Mal News reported.
The House also approved presidential decree 38 for 2016 in regards to a loan agreement between the Egyptian government and the Kuwaiti Fund for Arab Economic Development, valued at $99.59m and an interest rate of 2%. The loan funds a bilateral project with Saudi Arabia to connect Egypt’s Badr power plant to the Eastern Madina plant, via Tabuk facility, informed Al Mal News in a separate report.
Furthermore, the House approved presidential decree 101 for 2016 in regards to an agreement with the European Bank for Reconstruction and Development to provide a $600m loan, over 20 years. The loan partially funds the development of a combined cycle power plant in the city of Damanhor, according to Al Mal News.