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The Arab Fund for Economic and Social Development (AFESD), operated by the government of Kuwait, has approved a US$500mn loan to Egypt to finance electrical energy projects. The loan is for a renewable five-year period at an interest rate of 0.5%.
AFESD has also decided to hand out the first installment totalling US$100mn.
Earlier this year, the International Bank for Reconstruction and Development (IBRD) had agreed to provide US$250mn to the Egyptian electricity sector.
Moreover, Japan’s Hitachi is to sign a US$49mn contract to set up steam turbines for an electric power station.
Egypt faces a growing demand for electric power estimated at 7% per year. It has set up a five-year plan (2007-12) to construct a number of thermal stations in the country at a cost of US$2.4bn.
Government-owned Egyptian electric power companies are providing 40% of the needed funds from their own resources. The remaining 60% is to be financed through international loans.