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Saudi backing for a new Egyptian power plant plus deliveries of fuel oil are among deals worth more than $55bn resulting from last week’s visit by Saudi Arabia’s King Salman to Egypt’s President ‘Abd al-Fattah al-Sisi (see p17).
The Saudi Fund for Development (SFD) is lending Egypt $100mn for the Cairo West power project, which is expected to cost $700mn. The National Bank of Egypt, the Kuwait Fund for Arab Economic Development, the Arab Fund for Economic and Social Development and the Islamic Development Bank are also contributing, according to state news agency MENA.
Dubai-based Emirates NDB is also lending Egyptian state generator EEHC E£2bn ($226mn) to help fund two 4.8GW capacity plants, being built by Egypt’s Orascom at Burullus near the mouth of the river Nile and at the site of a planned – and so far unnamed and largely undeveloped – new administrative capital city 45km east of Cairo.
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