Egypt signs $250m loan deal with Islamic Development Bank

Egypt has signed a loan deal with the Islamic Development Bank (IDB) for an additional $250 million to finance a 1,950-megawatt electricity station in the country's south, the electricity ministry said in a Sunday press statement. The new power plant will eventually be linked to Egypt's national electricity grid, with additional stations to soon be constructed, the ministry added. The ministry received an initial $200 million loan for the project from the IDB last summer. Late last year, the Egyptian government received almost $500 million from the African Development Bank to finance construction of a number of power plants in the Suez governorate and greater Cairo. Egypt has suffered an increasing number of power outages in recent weeks, which have sparked limited protests in governorates across the country. From Ahramonline