IDB allocates $220m for Egypt-Saudi power interconnection project

The Board of Executive Directors of the Islamic Development Bank (IDB) on Wednesday approved $566 million for financing projects at a meeting convened under the chairmanship of IDB President Ahmad Mohamed Ali.

The approval covers sectors including energy, roads, petrochemicals, water, education, and health.

Of this total, IDB announced in a statement that the board allocated $220 million for the Egypt-Saudi electricity interconnection project. It will facilitate electricity supply between Saudi Arabia and Egypt with a maximum capacity of 3000MW.