Cairo – Mubasher: Egypt will receive an EUR 200 million sovereign loan from the European Bank for Reconstruction and Development (EBRD) to finance the development of the national electricity grid.
The loan will be used to establish and upgrade five high-voltage substations in Upper Egypt, Delta, Cairo, and Alexandria, EBRD highlighted in a statement on Tuesday.
The loan will also contribute to financing Egyptian Electricity Transmission Co’s (EETC) plan to invest in electricity grids in a bid to enhance power generation, diminish transmission losses, and link new renewable energy-fueled plants with power generation units, according to the statement.
In October 2017, Egyptian investment minister Sahar Nasr said that EBRD had invested up to EUR 2.6 billion in 49 projects in Egypt.
