Sharm El-Sheikh – Mubasher: Egyptian Electricity Holding Co. signed a $1.5 billion agreement with Benchmark for the establishment of a coal-fired power plant, Egyt’s electricity ministry announced.

The agreement was signed on the sidelines of Egypt’s economic summit that kicked off Friday in the Red Sea resort of Sharm El-Sheikh.

The new plant will produce 2300 MW and will be environment friendly, the ministry said, adding that new power plants aim to boost production capacities and fulfill the country’s growing demand for electricity.