Cairo - Mubasher: The European Bank for Reconstruction and Development (EBRD) has signed an agreement to provide a EUR 182.9 million loan to the Egyptian Electricity Transmission Company (EETC) to support the development of more resilient and robust electricity grid across Egypt.
The loan will facilitate the integration of 1.3 gigawatts of new renewable energy into Egypt’s electrical grid by connecting new renewable energy plants through new or refurbished high-voltage substations, according to a bank statement released on Tuesday.
The fund will help Egypt reducing electricity losses, saving 77,000 tonnes of carbon dioxide emissions per year.
“Demand for electricity in Egypt is expected to grow significantly over the next 10 years due to economic growth. The project will address Egypt’s key challenge in reaching its strategic objective in the energy sector by expanding the country’s electricity transmission network,” EBRD said.
The EBRD will assist EETC in designing and structuring a regulatory framework for private-to-private projects, boosting the growth of the private renewable sector. The European Union is expected to finance this project by EUR 20 million grant.
Since the start of its operations in Egypt, EBRD invested over EUR 5.5 billion in 102 projects in the country.
It is noteworthy that Egypt’s prime minister Mostafa Madbouly witnessed the signing of three agreements with EBRD on the sidelines of Africa 2019 Conference.
