07.08.2011, Jeddah, KSA – The Islamic Development Bank Group has approved US$ 200 million for funding a mega electricity production project in Egypt. The South Helwan Power Plant Project, crucial for keeping pace with the historically rising electricity demand in Egypt, aims to promote the living standards of the public by increasing the production capacity and maintaining the reliability of country’s power generating grid by installing a 1950 mega watt steam power plant. Over the past decade, electricity demand in Egypt has been rising at an average rate of 7.2 percent per year and is projected to grow by 6.1 percent in the next 5 years. The South Helwan project is part of the ambitious 5 year electricity generation expansion plan (2012-2017) which is expected to add 12,410 mega watts of electric energy to the country’s production capacity at a cost of US$ 15 billion. It forms an integral part of the Egyptian government’s efforts to maintain national electricity coverage at optimal rate which would spur the country’s economic growth. Once fully operational, the power plant shall help meet the growing energy needs of agriculture, industry, tourism and services sectors. Since its inception, the IDB has financed 44 development projects in Egypt. Currently, IDB Group’s cumulative financing to the country stands at US$4.07 billion.