Egypt and Mitsubishi Hitachi Power Systems signed an agreement that will have Mitsubishi developing two gas turbines for the North Cairo Power Station. The contract is worth $109.1 million.
Financing for the deal was secured through Japan’s Official Development Assistance (ODA). The loan, which has a 10-year grace period, will be repaid over 40 years.
The project is to assist the Egyptian government boost the country’s energy efficiency and decrease greenhouse-gas emissions.