Kuwait based Arab Fund to invest record $412 in Egypt | Al Bawaba:
"Egypt’s interim government signed two agreements with the Arab Fund for Economic and Social Development (AFESD) on Monday to finance projects in the electricity sector, a statement from the cabinet said.
A power station in Assiut, which is currently being upgraded to increase Egypt’s electric capacity by 650MW, will be funded by AFESD’s first $200m assistance package.
In December 2013, the Upper Egypt Electricity Production Company (UEEPC) and Banque Misr signed an EGP 285m loan agreement to fund renovations and replacements in Assiut’s power station.
The Islamic Development Bank (IDB) allocated $220m in February to finance the Assiut station. The allocation came as a part of a nearly $705m initiative to fund projects focusing on infrastructure, human development and education in “Muslim communities”, the bank said."
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