Egypt considers offers for three power plant projects

Egypt considers offers for three power plant projects
If Egypt approves the offers from the two firms, the move will help cut debts of the North African territory while achieving foreign investment. (File/AFP)
Updated 28 May 2019

Egypt considers offers for three power plant projects

Egypt considers offers for three power plant projects
  • HSBC Holdings, Deutsche Bank AG and KfW-IPEX Bank AG were among the top banks to finance the projects
  • President Abdel-Fattah El-Sisi inaugurated the plants in July as the latest in a series of large-scale infrastructure projects

DUBAI: Two international firms have signaled their interest in taking over Egypt’s three 14.4 gigawatts power plant projects.

If Egypt approves the offers from the two firms, the move will help cut debts of the North African territory while achieving foreign investment, Bloomberg reported.

The two firms are the global investment firm Blackstone Group and the international independent power producer Edra Power Holdings Sdn Bhd of Malaysia.

HSBC Holdings, Deutsche Bank AG and KfW-IPEX Bank AG were among the top banks to finance the projects which cost $6.7 billion (€6 billion) to build.

President Abdel-Fattah El-Sisi inaugurated the plants in July as the latest in a series of large-scale infrastructure projects.

The deal will enable the country to receive funding in order to revive its economy that stalled during the 2011 uprising.

The power plant projects are a continuation of a series of mega-projects such as a new administrative capital, an extension of the Suez Canal and a record-breaking Nile bridge.