Saudi Arabia’s Islamic Development Bank Group (IDB) has signed a deal with Egypt to offer the government $120m in financial services, it has been reported.
The funding will be used to back small to medium-sized enterprises in the country as well as building a combined cycle power generating station in Banha, northwest Cairo, with a capacity of 750 MW, the Kuwaiti news agency KUNA reports.
"[The power station] aims to make better use of the country's gas resources, meet the growing demand on clean low-cost energy and improve environment, Hassan Ahmad Younis, Egypt’s Minister of Electricity and Energy, was quoted as saying.
The total cost of the station is $806m of which $235m will be covered by the government and $30m from the project’s developer, Middle Delta Electricity Production Co, Younis said.
The deal was signed in Cairo by the Egyptian Minister of International Cooperation Faiza Abul-Naja and IDB Board Chairman Ahmed Mohammad Ali.