African Development Bank Lends Egypt $550 Million, Mena Says

The African Development Bank agreed to lend Egypt $550 million to help finance a steam electric generator in Suez, the state-run Middle East News Agency said.

The loan will be repaid over 20 years with a five-year grace period, MENA said, citing Minister of Planning and International Cooperation Fayza Aboulnaga. The project will cost $972.9 million, according to the Cairo-based news service.