ADB finances construction of electricity power station in Egypt
11 August 2011
On August 8 the African Development Bank and Egypt signed a loan agreement totaling 550 million USD to participate in the financing of the construction of a new 650 megawatt electricity power station in Suez.
The power station will run on natural gas to provide clean energy, reports a press release from the ADB.
"This agreement demonstrates the solid partnership between the government of Egypt and the African Development Bank. The Bank has always been an unfailing support to Egypt, especially in these particularly difficult times", said Fayza Aboulnaga, Minister for Planning and International Cooperation.
Egyptian Prime Minister Essam Sharaf said that his government must continue to invest in infrastructure, especially those which connect Egypt to other regions of Africa.
The president of the African Development Bank, Donald Kaberuka, was on a two-day working visit to Egypt.