CAIRO
The African Development Bank (AfDB) has withdrawn a fund for the construction of a power station in Egypt, a source in the Electricity Ministry told Anadolu Agency.
The source said negotiations were underway with the AfDB to provide a $480 million fund for the construction of a power plant in the Cairo suburb of Hilwan.
The World Bank will provide a $503.5 million fund for the project after the AfDB's withdrawal, the source added.
The AfDB is currently funding a thermal power station in the canal city of Suez, which is scheduled to start operation in 2015 to add 650 megawatts to the national electricity grid.
Hamdi Azab, chairman of the East Delta Electricity Production Company, said the company will sign the contract for the power plant with Hitachi Plant Technologies within days.The 136-million-pound contract will be funded by the AfDB, he said, adding that the thermal power plant will cost around $600 million, including $550 million from the AfDB.
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