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World Bank backs Egyptian gas-fired project

The construction of the Helwan South Power Project in Egypt has received a boost with the news that the World Bank is to help finance the project.

The World Bank signed the agreement, motivated by the need to develop the country’s energy security during a period of political and economic transition.

The 1950 MW gas-fired power plant forms part of broader program that aims to help the country address energy policy issues and meet the growing electricity demand in a sustainable manner, according to Energy Business Review.

Ziad Bahaa El-Din
International Cooperation minister Ziad Bahaa El-Din said, ”It will contribute 10 per cent of the new generation capacity to be added by 2018 which is vital for Egypt’s economy,”

4,000 jobs are expected to be created by the project, 75 per cent during construction and the rest for plant operation and maintenance.

Besides World Bank, the project is also supported by the Arab Fund for Economic and Social Development, Islamic Development Bank, Kuwait Fund for Arab Economic Development, OPEC Fund for International Development (OFID), Deauville Partnership and the European Union.

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