IDB allocates $220m for Egyptian power project
The power plant upgrades will begin in mid-February
Saudi Arabia-based Islamic Development Bank (IDB) has allocated US $220m to finance a thermal power plant in Egypt's Assiut city, the bank announced.
The power plant upgrades will begin in mid-February and will increase energy production capacity to 2,250MW by switching to a combined cycle system, Minister of Electricity Ahmed Imam said.
IDB is a multinational bank located in Saudi Arabia, which owns 26.5 per cent of the bank, making it the largest shareholder, while Egypt owns 9.22% of its shares. Libya, Iran, Turkey, United Arab Emirates, Kuwait, Pakistan, Algeria and Indonesia also own shares in the bank.
A Gallup survey, issued in January, showed that Islamic banking remains unpopular in Egypt, with only 3% of adults using Islamic banking services and only 49% of adults even having heard of the service.