Investment Minister Dalia Khorshed has said that securing electricity will contribute to creating a business-friendly climate.

Khorshed was speaking after the inking of a loan agreement worth 650 million dollars to upgrade two power plants in Assiut and Damietta.

The deal was sealed on Wednesday between the Egyptian Electricity Holding Company and BNP Paribas Bank.

The project is part of the second phase of a plan to turn the two stations into the combined cycle system to boost power generation to 1,500 and 2,250 megawatts, Khorshed said.

The plan started over a year ago with the aim to meet Egypt's needs of electricity and create an investment-friendly climate, the minister noted.