EBRD to provide €165mln loan to upgrade Egypt’s electricity grid

The European Bank for Reconstruction and Development (EBRD) announced on Thursday that it will provide a sovereign loan of up to €165 million, aiming to upgrade and reinforce Egypt’s electricity transmission grid.

The loan will be lent to the state-owned Egyptian Electricity Transmission Company (EETC), responsible for managing Egypt’s medium- and high-voltage network transmission system.

The loan will help finance several projects including the upgrade of a 500-kilovolt substation in Cairo that will enable the decommissioning of an aging gas-fired power plant in Shubra El Kheima.