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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 E165 million to upgrade the country’s electricity transmission grid, the bank stated.
The loan’s approval date has been set on December 13th.
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.
