CAIRO: Minister of Planning and International Cooperation Ashraf al-Araby is scheduled to sign an agreement Monday with the Kuwaiti Fund for Arab Economic Development to establish an electricity station in Asyut, Youm7 reported Sunday.
Ministry of Electricity and Renewable Energy Mohamed Shaker, along with the head of the Egyptian Electric Holding Company, are scheduled to attend the signing conference, Youm7 reported.
Shaker said Asyut’s new 650-megawatt electricity station will run on steam and will cost 5.1 billion EGP, according to a ministry statement published Saturday in El Fagr newspaper. The Kuwaiti Fund is providing $100 million, the statement said.
Shaker said the new project is an effort by the ministry to respond to growing demand for electricity and achieve sustainable development, the statement said.
The electricity station will include a large steam turbine and will run on diesel oil, he said.
The Arab Fund for Economic and Social Development, the Islamic Development Bank and the OPEC Fund for International Development are also expected to finance the project, it said.
Additional reporting by Omima Mokhtar.