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The Shura Council on Monday discussed plans to include the Islamic Development Bank (IDB) as a potential partner with the Egyptian government to contribute funds towards the second payment installment of an electrical station set to be built in southern Helwan.
The installment would cost an estimated $250m.
Minister of Electricity and Energy Ahmed Imam stated that the station would operate at 1,950 MW, and would require a total of EGP 13bn in investments over the whole course of the construction project. He added it was part of Egypt’s 2012-2017 ‘five-year project plan’.
He added that the station would employ three steam turbines, using natural gas as its primary fuel source and mazut fuel oil as an alternative. This would help connect and link newly constructed units to the country’s national electricity grid, helping to increase its overall output. The plan is expected to be completed and begin operating in 2017.
The IDB also contributed in helping to pay for the project’s first installment in June of last year. The cost of both combined installments totaled $450m.
A number of other funds and institutions represented by the Arab Fund for Economic and Social Development (AFESD), the Kuwait Fund for Arab Economic Development, and the International Bank for Reconstruction and Development (IBRD), also contributed to the project, in addition to a number of electricity production companies based in Upper Egypt.
The plant will be constructed as a multi-operations scheme, with 18 operations in total, made available in order to attract as many companies as possible, in order to compete and drive down the price of fuel.
The Shura Council reinforced the message that “Egypt’s electricity sector would continue to expand and work to meet the needs of all Egyptians”.
