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FINANCIAL NEWS
Egypt secures $381m loan from EIB
22 Aug 2010
(MENAFN) The Egyptian government announced that it has secured a $381 million loan from the European Investment Bank (EIB) to fund a major power project as the country moves to boost its electricity output, Reuters reported.
The plant is part of the country’s 2007-2012 five-year energy plan, which aims to add 9,200 megawatts to its capacity, set up transformer stations and extend power lines.
This project is one of Egypt’s priorities in the electricity sector in the 2012-2017 plan needed to expand energy infrastructure for social and economic development, Egyptian Prime Minister Ahmed Nazif said in a statement.
Egypt, which has about 25,000 megawatts of power capacity, intends to spend $100-120 billion to triple capacity by 2027.
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