Italy-Egypt: Sace, 210 mln to enlarge Giza plant

New agreement also with Egyptian investment ministry

25 November, 12:42

    (ANSAmed) - ROME, NOVEMBER 25 - Insurance and financial group Sace, which supports the growth of Italian firms, has pledged 210 million euros to back the order to Ansaldo Energia issued by the Egyptian Electricity Holding Company (EEHC) for work to enlarge the electrical power plant ''6 October'', near Cairo, in the Giza district, Sace announced during the Italian-Egyptian Business Council Tuesday in Rome, organized to coincide with the visit of Egyptian President Abdel Fattah el Sisi.

    The 13-year-long financing project is entirely covered by the insurance group and will be allocated by a pool of banks led by HSBC. As part of the project, EEHC has entrusted to Ansaldo Energia the project, realization and inauguration of the new open-air electrical power plant worth 600MW, which will enable to double the power generation capacity of the ''6 October'' site.

    Also on the sidelines of the Business Council, Sace has signed a cooperation agreement with the Egyptian government to give new momentum to investment opportunities and exchanges between the two countries.

    The agreement was signed by the Deputy Minister for Economic Development Carlo Calenda and Egyptian Investment Minister Asharad Salman.

    The accord sets the groundwork for a medium to long-term cooperation between the two countries to support transactions and projects where Italian companies can offer expertise and high-quality provisions: infrastructure, electrical power and from renewable sources, food industry, irrigation and treatment of water.

    ''There is a natural convergence between what Italy has to offer and what Egypt is demanding to consolidate recovery'', said Alessandro Castellano, CEO of Sace.

    In Egypt, the insurance-financial group has a portfolio of insurance endorsements worth some 480 million euros, mainly in the sectors of energy, petrochemicals and industrial technologies, and is working on new projects for a total value of 1 billion euros. (ANSAmed)
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