Egypt signs $550 mln Suez power station loan
Egypt signed a soft loan from the African Development Bank worth $550 million on Monday to finance a 650 megawatt power station in the city of Suez, the government said.
August 9, 2011 8:38 by Reuters
The loan, which will cover most of the financing for the $973 million plant, is to be repaid over 20 years, including a five-year grace period, at an annual interest rate of 1 percent.
The power station, which should be completed within three years, is also funded by the Islamic Development Bank, contributing $60.8 million, and Egypt’s Electricity Holding Company, the government cabinet said. (Writing by Sarah Mikhail)