Egypt secures $70m from OPEC for building power plant

opec30 September 2013, Cairo – Egypt and the Organisation of the Petroleum Exporting Countries, OPEC’s, Fund for International Development, OFID, signed on Sunday a $70-million loan agreement to finance the establishment of the South Helwan Power Plant.

The agreement aimed at meeting growing electricity needs, especially as Egypt has been suffering over the past period from repeated power cuts due to high summertime energy consumption.

Prime Minister Hazem el-Beblawi, Electricity Minister Ahmed Imam and International Cooperation Minister Ziad Bahaa el-Din attended the signing ceremony.

The project will benefit households, agricultural workers, businesses and industries, and in turn, help create jobs and boost the economy.

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