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World Bank to fund Egypt's power projects

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The World Bank will give Egypt up to US$1.14 billion dollars in support for electricity projects.

Electricity Minister Hassan Yunis said "there is an agreement with the World Bank to fund several projects with up to 1.14 billion dollars," reported AFP.

The projects include a 1500 MW power plant in Giza province and transport infrastructure between power plants.

The World Bank has previously pledged up to six billion dollars in new aid to Egypt and Tunisia to help modernise and revitalise their economies after revolts earlier this year.

According to Egypt's Finance Minister Samir Radwan, the country faces a budget deficit of between 9.9 and 11 per cent for the 2011-2012 fiscal year.