CARIO: Egypt and the World Bank (WB) signed on Wednesday a $ 240 million agreement as part of a broader program to build North Giza Power Project. Approved initially in June 2010, the project is expected to supply power to more than five million households in the governorate of Giza, which makes it a major infrastructure development project. The agreement was signed by Planning and Cooperation Minister Fayza Abul-Naga and WB's Country Director for Egypt David Craig. In November 2010, Egypt and the WB signed the first loan agreement for the project, which was about $ 600 million. The power plant will comprise a 1500 MW Combine Cycle Gas Turbine. In his statement, Electricity Minister Hassan Younis, who attended the signing ceremony, said the plant will use natural gas as the main fuel and light diesel oil as back-up. The three-stage project, which comes as part of the ministry's 2012/2017 plan, will be linked to the national grid to meet growing power demands, he added. The third stage includes two steam turbines with 250 megawatt capacity for each, in addition to two boilers, he noted. The simple cycle of the third stage will be operational in May 2014, while the combined one will start in 2015, the minister said. The total cost of the three stages is LE 3.7 billion, financed by the WB, the European Investment Bank and the Cairo Electricity Production Company.
