Cabinet approves $600m loan for Damanhur power station

The Egypt’s Cabinet approved a loan worth $600 million (1$=7.80EGP) from the European Investment Bank to create part of a new power station run by a gas turbine with a combined cycle system, the electricity ministry announced in a statement Friday.The total investment in the Damanhur City power station so far reached $3.1 billion, said Electricity Ministry Spokesperson Mohamed al-Yamany.

He added that the ministry would receive loans for the station from different domestic funders.