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Egypt signs $550 million Suez power station loan

The loan from the African Development bank is due to cover most of the plant's financing and will be repaid over 20 years with a five-year grace period

Reuters, Monday 8 Aug 2011
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Egypt signed a soft loan from the African Development Bank worth US$550 million on Monday to finance a 650 megawatt power station in the city of Suez, the government said.

The loan, which will cover most of the financing for the $973 million plant, is to be repaid over 20 years, including a five-year grace period, at an annual interest rate of 1 per cent.

The power station, which should be completed within three years, is also funded by the Islamic Development Bank, contributing $60.8 million, and Egypt's Electricity Holding Company, the government Cabinet said.

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