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Saudi Arabia secures funding for electricity interconnection with Egypt

Egypt just approved a plan to ration electricity, though the government said there is not a shortage of power.
This picture taken on Jan. 13, 2022, shows a view of the Shubra al-Kheima natural gas electrical power station.

Saudi Arabia announced today new funding for its electricity interconnection plan with Egypt. 

The Saudi Electricity Company said it secured a 14-year facility worth $567.5 million to finance the Saudi Arabia-Egypt electricity interconnection project. The deal was signed by the British bank Standard Chartered and Japan’s Sumitomo Mitsui Banking Corporation and is guaranteed by the Swedish government’s export credit agency, the official Saudi Press Agency reported. 

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