The World Bank (WB) has approved the setting up of an Egyptian power project at a cost of $260 million.

The bank will finance the El-Tebbin power project by issuing a fixed spread loan (FSL) to the Egyptian government with a 20-year maturity, including a five-year grace period.
The loan will be issued by the International Bank for Reconstruction and Development (IBRD), an arm of the World Bank Group. Through the El-Tebbin power project, the WB is aiming to support the Egyptian government's effort in providing sustainable energy to the country, said a report in the Arab News.
The project involves the construction of a 700 MW power plant comprising of two units of 350 MW steam turbines and boilers using natural gas as fuel. The project is expected to generate considerable employment opportunities both during the construction phase and during the operation period.