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Tuesday, 8 October 2013

Egypt and OPEC sign power plant deal

Egypt and the Organisation of the Petroleum Exporting Countries (OPEC)'s Fund for International Development (OFID) have signed a US 70-million dollar loan agreement to finance the South Helwan Power Plant.

The agreement is aimed at meeting growing electricity needs, especially as Egypt has suffered recently from repeated power cuts caused by high summer time energy use. Prime minister Hazem el-Beblawi, electricity minister Ahmed Imam and international co-operation 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.