By NNN-KUNA
Cairo : Egypt has signed two USD 200 million loan agreements with the Arab Fund for Economic and Social Development (AFESD) to finance the expansion of the Abu Qeer power station in Alexandria with 1,300 megawatts.
The agreements were signed Monday on Egypt’s side by Minister of International Cooperation Fayza Abul-Naga and AFESD Director-General and President of the Governing Council Abdel-Latif Al-Hamad in the presence of Egyptian Prime Minister Ahmed Nazif and Minister of Electricity and Energy Hassan Yunis.
Al-Hamad, in statements to reporters, praised the excellent implementation of the projects undertaken by the Fund in Egypt, especially in the electricity sector, pointing out that the Fund aims, as an Arab Foundation, to develop the Arab nations not at the level of national projects only, but also for Arab projects, including the electrical link project.
For his part, Younis praised the role of the Arab Fund for Economic and Social Development not only at the national level but also at the Arab level in the context of its eagerness to achieve Arab integration.
He pointed to the role of the Fund in financing development projects in Egypt and the strategic link project starting from the Arab electrical studies to financing, as well as in the implementation of projects included in the investment plan of Egypt (2007-2012).
He said that the signing of these agreements within the strategy developed by the Ministry of International Cooperation with the Arab Fund for the years 2007-2011 are projects where the electricity and energy sector has the largest share.