IDB sanctions $385 million loan for Helwan power station

Finance and Related Services

The Ministry of Electricity has signed a contract award with the Islamic Development Bank (IDB) for a EGP 2.75 billion ($385 million) loan to fund the construction of a 1,950 megawatt power plant in Helwan, south of Cairo.

In accordance with a plan started in 2012 and set to run to 2017 and 2018 focused at strengthening the unified electricity network to overcome lofty overloads, the South Helwan Power Plant will be financed by the IDB loan.

No specific information about the date scheduled for the repayment of the loan or its interest rate is disclosed by the Ministry.

The total cost of the station is estimated at EGP 12.5 billion. The additional funding coming from the European Union for Reconstruction and Development, the Kuwait Fund for Arab Economic Development and the Arab Fund for Social and Economic Development will participate in financing the project along with the IDB, says, Minister of Electricity Mohamed Shaker.Read complete  story at http://www.tendersontime.com/blog-detail/idb-sanctions-385-million-loan-helwan-power-station-88.php