May 30, 2018 / 12:32 PM / in 21 days

CORRECTED-Egypt to spend $1.4 bln over two years to develop electricity grid

(Changes billion to million in second paragraph)

CAIRO, May 30 (Reuters) - Egypt has set aside 25 billion Egyptian pounds (around $1.4 billion) to be spent over two years on developing the country’s electricity network, the electricity minister said on Wednesday.

The minister, Mohamed Shaker, told reporters the government had agreed on a loan worth 60 million Kuwaiti dinars (around $200 million) from the Kuwait-based Arab Fund for Economic and Social Development to build three new converter stations.

He gave no further details. (Reporting by Momen Saeed Atallah; Writing by John Davison; Editing by MarkPotter)

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