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KFAED secures $106 mln for an Egyptian power station

KFAED secures $106 mln for an Egyptian power station
Egyptian Minister of Planning and International Cooperation, Ashraf Al Araby, signed a loan agreement with Kuwait Fund For Arab Economic Development (KFAED) totaling $106 million as part of financing a power station in southern Assiut.

The power station is planned to generate 650 Megawatt with a total value of almost $597 million.

According to Al Ahram portal the loan has a fixed interest rate of 2.5% and will be paid off over a 24-year term.