Egypt signed Sunday a contract with the European Investment Bank (EIB) to build a power station in Damanhour.

The signing ceremony was attended by Prime Minister Sherif Ismail, Minister of Electricity Mohamed Shaker, Minister of International Cooperation Sahar Nasr as well as chairman of Holding Company for Electricity and representatives of EIB.

The new power station will serve four million inhabitants in Behira at total expenses of 1.3 billion dollars, said Nasr.

She added that the EIB will provide 600 million dollars, and the African Development Bank will pay 80 million dollars in the new power station.

The minister said that the Arab Fund for Economic and Social Development will provide 200 million dollars in addition to 240 million dollars from the West Delta Electricity Production Company.