National Bank to fund govt electricity rescue plan

The National Bank of Egypt has offered a loan of LE4.6 billion to help finance an emergency plan by the Ministry of Electricity and Energy which aims to offset rising electricity demand by summer.

The investment cost for the plan stands at LE6.2 billion, Electricity Minister Hassan Younis told reporters on Monday. He said its target is the installion of 12 electricity-generating units powered by natural gas, with a total capacity of 1500 megawatts, in order to meet the soaring demand expected during summer 2011.

Younis voiced his appreciation for all the workers and companies working on the project around the clock to make up for time lost over the past days.

The minister said the confidence of local and international funding bodies in Egypt’s electricity sector and the economic feasibility of its undertakings are proved by their participation.

Translated from the Arabic Edition.

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