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Egyptian state Electricity Holding Company (EEHC) and the African Development Bank (AfDB) have agreed a revised financing plan for the 650MW Suez thermal power plant.
AfDB says this will enable EEHC to cover part of the local costs for the development.
EEHC’s East Delta Electricity Production (EDEPC) subsidiary is looking to complete the Suez plant in mid-2016. The plant will be built 3km south of Suez city on a site where an old power plant was demolished after decommissioning in 2012.
AfDB says its original $550mn loan was intended to cover part of the foreign currency cost of the project. However, the restructuring will allow the equivalent of $73.5mn of the loan to be used to cover part of the local cost as well.
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