The House of Representatives chaired by Dr.Ali Abdel Aal approved the reports of the Joint Committee of the Committee of Energy, Environment and offices Committees of Economic Affairs and Arab Affairs regarding loans for electric projects agreements.
- The approval of the loan agreement for the expansion of project west of Cairo power plant to generate 650 megawatts signed in Cairo on April 8, 2016, between the Arab government of Egypt and the Saudi Fund for Development Agreement.
- The approval of a second loan to finance the South Helwan plant project for electricity generation, and the modification of the first loan agreement signed on March 2012 18, between the Arab government of Egypt and the Kuwaiti Fund for Arab Economic Development signed in Cairo on March 15, 2016.
- The approval of a simplified agreement on the implementation of a regional control center of the delta between the Government of the Arab Republic of Egypt and the French Development Agency and signed in Cairo on April 17, 2016
- The approval of cooperation in the peaceful uses of nuclear energy between the Governments of the Arab Republic of Egypt and Saudi Arabia which is signed in Cairo On April 8, 2016
Note: Egypt’s loans were not confined to the Middle East only, but extend to China, Japan and Russia
1-China Development Bank (CDB) would provide a loan of $100m to the National Bank of Egypt (NBE) to finance small- and medium-sized enterprises (SMEs). A further grant of $30m will also be provided by China’s Ministry of Commerce for remote satellite sensing equipment.
2-The Japanese loans will finance three public projects. The first is the construction of a passenger terminal in Borg Al-Arab Airport in Alexandria at the cost of $155m.The second project will be to increase the efficiency of electricity distribution companies at a cost of $210m. The third loan will fund the construction of a power plant in Hurghada at a cost of $95m.
3- President Abdel Fattah al-Sisi has approved a US$25 billion loan from Russia to build Egypt’s first nuclear power plant
Here arises the question: Will Egypt be capable of dealing with all the previously mentioned loans?
