Cairo – Mubasher: The Egyptian government signed Sunday two agreements for Beni Suef power plant with a consortium led by Germany’s Siemens and Egypt’s El Sewedy Electric, at a total value reaching EUR 2 billion.

The signing ceremony was attended by Prime Minister Sherif Ismail and Minister of Electricity Mohamed Shaker.

The agreements were earlier reached during the country’s international economic summit held in the resort city of Sharm El Sheikh in Marhc.

Under the two accords, Siemens and El Sewedy consortium will finance 85% of the foreign components in the project.

The project will be carried out under the EPC + Finance system. It is expected to come on steam late 2016 by adding 240 megawatt, and to fully operate by April 2018 through adding 4,800 megawatt.