A banking consortium inked on Sunday a 10-billion-pound agreement with the electricity sector to establish three power plants in the new administrative capital, Kafr El Sheikh and Beni Suef.

The three power plants will produce a total of 14,400 megawatts.

The signing ceremony was held at the headquarters of the Ministry of Electricity and Renewable Energy.

The ten-bank consortium is grouping the National Bank of Egypt, Banque Misr, Arab African International Bank and others.