Arab Finance: The European Bank of Reconstruction and Development (EBRD) is planning to provide the Egyptian Electricity Transmission Company (EETC) a sovereign loan of up to €165 million to upgrade the country’s electricity transmission grid, the bank stated.

The loan’s approval date has been set on December 13^th.

The funds will be used to finance the upgrade of a 500 kilovolt (kV) substation in Cairo, allowing the closing of a gas-powered power plant in Shoubra El Kheima.

The loan will also be directed toward the establishment of a 200-kilometer high-voltage overhead transmission line (OHL) that will transmit around 2.1 gigawatts (GW) of renewable energy from the Gulf of Suez region.

60% of the loan proceeds will be dedicated to financing the building of the transmission line, while the remaining 40% will be used to finance the 500-kV substation in Cairo and other medium-voltage substations.

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