CAIRO (AFP) – The World Bank has agreed to give Egypt up to 1.14 billion dollars in support for electricity projects, a minister said in a statement on Sunday.
Electricity Minister Hassan Yunis said “there is an agreement with the World Bank to fund several projects with up to 1.14 billion dollars.”
The projects include a 1500-megawatt power plant in Giza province and transport infrastructure between power plants.
The World Bank last week pledged up to six billion dollars in new aid to Egypt and Tunisia to help modernise and revitalise their economies after revolts which ejected long-serving strongmen earlier this year.
Egypt faces a budget deficit of between 9.9 and 11 percent for the 2011-2012 fiscal year, according to Finance Minister Samir Radwan.