Bank mulls $170m funding for Egypt infra projects
Power plant and sewer projects may be funded in part by African Development Bank Group
The African Development Bank Group (AfDB) is considering a $170m financing proposal for two infrastructure projects in the country.
The projects include $100m for West Delta Electricity Production Company to construct a power plant in Damanhour, and $70m for a sewage project in the country, a senior official from the bank told news website Amwal Al Ghad on Monday.
The two projects worth $600m might be included in AfDB’s strategy to finance infrastructure and energy projects in Egypt this year. In April 2015, AfDB approved a $140m loan towards the expansion of Egypt’s Sharm El-Sheikh airport.
Egypt also recently received funding from World Bank, which approved a $500 million loan to help finance the construction of one million housing units for low-income residents over five years.