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Doaa Moneim – Ahram Online
Egyptian Minister of International Cooperation Rania al-Mashat and director of the German KfW Development Bank in Egypt Bernd Siegfried signed a €26 Million financing agreement on Wednesday.
The bank will fund the second phase of a rehabilitation project of hydroelectric power plants in Aswan. The project involves replacing and renewing power transformers at water stations, maintaining operational efficiency and increasing economic competitiveness.
“The three hydroelectric stations in Aswan have a combined energy output of about 2,650 megawatts benefiting 7.5 million people. The project will regulate the flow of water and increase protection from floods. Power transformers will be replaced to ensure maximum utilisation of sustainable hydroelectric power supply in Egypt”, Siegfried said.
He added, “Germany, through the KfW Development Bank, is committed to supporting the rehabilitation of infrastructure by developing the energy sector and expanding renewable energy projects of wind, solar and hydropower”.
Additionally, the KfW bank has offered a €39 Million financing package for an Egyptian solar power plant in Zaafarana. A total of 50 megawatt photovoltaic cells would be set up in the new power station.
