Arab Finance: Egypt is nearing the conclusion of negotiations with the European Union (EU) and the European Bank for Reconstruction and Development (EBRD) to secure up to €200 million in financing for a new power transmission line in the Gebel El Zeit area on the Red Sea coast, an unnamed senior government official told Asharq Business.

The financing package includes a €165 million concessional loan and a €35 million grant from the EU for the benefit of the Egyptian Electricity Transmission Company (EETC).

The funds will be allocated to build a 198-kilometer overhead power line to transmit electricity generated from wind energy projects in Gebel El Zeit.

The project is expected to take up to one year to complete.

Egypt’s Gebel El Zeit area hosts wind power plants developed in collaboration with Spain, with a total production capacity of 580 megawatts. 

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