The Abu Dhabi Fund for Development (ADFD) provided a total of $1.08 billion funds and concessionary loans to Egypt to be divided across 64 development projects, reported Amwal Al Ghad.
The funds target projects for infrastructure development in different sectors including transport, housing, agriculture and irrigation, energy, industry and mining, education and healthcare, according to CPI Financial.
In the energy sector, ADFD provides funds for two projects, Abi Qair Power Plant worth around $35 million and Banha Power Station worth around $50 million.
The Abi Qair Power Plant, with two 30 megawatt (MW) capacity vapour turbines, will secure electricity for factories in the industrial zones of Alexandria and Abi Qair. The plant has two units for vapour generation using natural gas produced in the Abu Madi gas field.
Additionally, Banha Power Station, with 750 MW capacity, caters to the high demand for electricity in the Banha area.
“ADFD’s work in Egypt over the past four decades is testimony to the Fund’s crucial role in boosting economic and social development across developing countries. The Fund’s projects align with the expansive vision and goals of the Egyptian government,” ADFD’s Director General, Mohammed Saif Al Suwaidi, said.