International Cooperation Minister Sahar Nasr signed a US$200 million agreement with the European Bank for Reconstruction and Development (EBRD) on Tuesday to finance the Damanhour power plant.
The plant is part of a five-year plan (2012-2017) to strengthen the national grid with an additional 1,800 MW of energy.
The total cost of the plant is $1.3 billion, including $600 million from the European Investment Bank, $80 million from the African Development Bank, $200 million from the Arab Fund for Economic and Social Development and $240 million from the West Delta Electricity Company.
Edited translation from Al-Masry Al-Youm
