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Egypt secures KD30m loan from KFAED for Assiut power plant upgrade

: Thursday, April 03 - 2014 @ 02:04

Kuwait Fund for Arab Economic Development (KFAED) and the Egyptian government have signed a KD30m ($106m) loan to help finance the upgrade of Egypt’s Assiut power plant, Daily News Egypt has reported. The power station project has previously received financial support from the Arab Fund for Economic and Social Development (AFESD), which had contributed $200m. The upgrades in the station, which will operate using traditional fuel resources, will help increase its production to 650 MW. The loan will be repaid over a period of 24 years and with a fixed interest rate of 2.5%, and includes a six-year grace period. Around 56.8% of the loan is a grant, the government said.

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Thursday, April 3- 2014 @ 2:04 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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