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to help finance construction of a power station.Egypt, which is grappling with an energy crisis, needs at least $5 billion to upgrade its outdated electricity generation system, a government official told Reuters in April.The IDB loan is for a plant in Helwan, south of Cairo, expected to generate 1,950 MW, a statement from the ministry of electricity said. The total cost of the station is estimated at 12.5 billion pounds, with additional funding coming from other regional and international funds, the statement said. It is expected to come on line in stages during 2017 and 2018.New plants are badly needed to boost power capacity to meet soaring consumption in the Arab world s most populous country. Officials say that Egypt lacks capacity reserves, needed in case plants need to close unexpectedly for maintenance.Renovation of run-down power plants is also needed. The Electricity Ministry says that about a quarter of Egypt s 51 power stations are more than 20 years old.Egypt is desirous of launching a new strategic economic partnership with Kuwait that would result in palpable benefits to both countries, said an Egyptian official following the end of a one-day economic meeting held recently between Kuwait and Egypt.The meeting dealt with a gamut of economic issues regarding Egypt s economic status, including the best tacks Egypt should follow to resuscitate its infrastructure and energy sector as it paves the way for Kuwaiti investors, whether from public or private sectors, to achieve lucrative returns on their prospective investments in Egypt, said head of Egypt s team to the economic meeting ambassador Nasser Kamel, in a statement to KUNA.He praised the Kuwaiti team to the meeting for their eagerness to listen to the Egyptian side s ideas and proposals, saying that a new economic partnership with Kuwait would usher in novel ways of bilateral cooperation of benefit to both societies. Meanwhile, the Egyptian pound was steady at a central bank dollar sale on Thursday and slightly stronger on the black market.Reuters