According to the Bank’s website, the project consists of the provision of a sovereign loan of up to EUR 165 million to the Arab Republic of Egypt, to be on-lent to the state-owned Egyptian Electricity Transmission Company ("EETC"), to finance the upgrade and reinforcement of the electricity transmission grid in Egypt.
The proceeds of the loan will be used to finance (i) the upgrade of a 500 kV substation in the Cairo governorate in Egypt that is crucial for the stability of the network and is directly linked to the closing of a gas-powered power plant (Shoubra El Kheima) under the Energy Pillar of Egypt's Nexus Water, Food & Energy (NWFE) initiative, and (ii) the construction of a 200 km high-voltage overhead transmission line (OHL) that will relay c. 2.1 GW of renewable energy from the Gulf of Suez region, where several wind projects are currently under development or construction.
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Dr Tamer Khattab
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