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EIB Contributes 50 Million Euros to North Giza Power Plant Phase II

  • The European Investment Bank will partly finance the North Giza power plant project with EUR 50 million after an agreement was signed by the Minister of International Cooperation and Planning Mr Fayza Aboul Naga, Director of the European Investment Bank's regional office Mr Jane McPherson and Assistant Director Mr Patrick Chamberlain.The energy sector's power generation projects and infrastructure development are being aided by this project to meet the growing demand for electricity in Egypt's industrial and agricultural areas as well as closing the gap between supply and demand for energy sources.
  • The project's second phase will complement the work done in the Phase I which was funded by EUR 300 million from the European Investment Bank. The bank is contributing 10.3% to the second phase's EUR 484 million total cost while the World Bank and Egyptian government contribute 36.3% and 53.4% respectively.An Egyptian investment plan starting in 2012 to 2017 aiming to increase the Egyptian Electricity Company's capacity to generate electricity to meet the high demand for it at competitive costs by using modern technology has the project high on its priorities list.

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