CAIRO: Egypt signed a soft loan from the African Development Bank worth $550 million on Monday to finance a 650 megawatt power station in the city of Suez, the government said. The loan, which will cover most of the financing for the $973 million plant, is to be repaid over 20 years, including a five-year grace period, at an annual interest rate of 1 percent. The power station, which should be completed within three years, is also funded by the Islamic Development Bank, contributing $60.8 million, and Egypt's Electricity Holding Company, the government cabinet said.