The European Investment Bank (EIB) signed a loan agreement for €205 million to finance El Shabab power plant project in Egypt. The agreement was signed today by Nidal E. Assar, Deputy Governor of the Central Bank of Egypt, Gaber Dessouky Moustafa, Chairman of the Egyptian Electricity Holding Company (EEHC), Hamdy Ibrahim Azab, Chairman of the East Delta Electricity Production Company (EDEPC), and EIB Vice-President Philippe de Fontaine Vive.
The project will convert an open-cycle power plant to combined-cycle gas technology increasing the plant’s capacity by 50% to 1.5 GW. The project will be co-financed by the European Bank for Reconstruction and Development (EBRD) and the Saudi Fund for Development.
EIB Vice-President Philippe de Fontaine Vive said: “Our aim is to support the new Egypt’s social and economic transition by financing projects encouraging growth and employment. This is why we have decided to develop and modernize infrastructures in the sector of energy. Through this project, we aim to promote the productivity and competitiveness of the Egyptian economy and to create jobs. We aim to contribute to the improvement of the daily life of the Egyptian people and to the building of a future for the younger generation.”
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