The European Bank for Reconstruction and Development is to grant a €165 million loan to Egypt to finance the upgrade of the electricity transmission grid, a venture that is also aimed at reducing pollutant emissions.
The loan will also cover the expansion of several stations nationwide, including a 500 kilovolts substation in Cairo, replacing an old gas-powered station located in Qalyubia’s Shubra El-Kheima.
The loan will also cover the construction of a 200 km high-voltage overhead transmission line. The line will transfer 2.1 GW of renewable energy produced from the Gulf of Suez region.
The projects are estimated to cost around €200 million of which €165 million is to be provided through the EBRD’s loan and €35 million to be granted by the EU.
Egypt aims to achieve its long-term strategy of having 42 percent of the electricity generated from renewables by 2030.
