The European Investment Bank will partly finance the North Giza power plant project with 50 million Euros after an agreement was signed by the Minister of International Cooperation and Planning Fayza Aboul Naga, Director of the European Investment Bank's regional office Jane McPherson and Assistant Director Patrick Chamberlain. The energy sector's power generation projects and infrastructure development are being aided by this project to meet the growing demand for electricity in Egypt's industrial and agricultural areas as well as closing the gap between supply and demand for energy sources. The project's second phase will complement the work done in the first phase, which was funded by 300 million Euros from the European Investment Bank. The bank is contributing 10.3 percent to the second phase's 484 million Euro total cost, while the World Bank and Egyptian government contribute 36.3 percent and 53.4 percent, respectively. An Egyptian investment plan starting in 2012 to 2017, aiming to increase the Egyptian Electricity Company's capacity to generate electricity to meet the high demand for it at competitive costs by using modern technology, has the project high on its priorities list.
