The European Bank for Reconstruction and Development (EBRD) will lend €182.9m to the state-owned company Egyptian Electricity Transmission Company (EETC). EETC will use the fund to strengthen the transmission network, with the objective of connecting 1.3 GW of new renewable capacity to the Egyptian grid and reducing electricity losses.
In addition, the EBRD will provide technical assistance to reform the regulatory framework for private-to-private projects, in particular for renewable project developers, within the scope of 2005 electricity law, which gradually liberalise the power sector. The Egyptian government intends to generate 20% of the country’s energy from renewable sources by 2022.
The project will also benefit from support by EBRD’s Southern and Eastern Mediterranean (SEMED) Multi-Donor Account (Australia, Finland, France, Germany, Italy, the Netherlands, Norway, Spain, Sweden, Taiwanand the United Kingdom) and the European Union through a €20m grant, which is yet to be awarded.
In addition, Suez Oil Processing Company (SOPC), an affiliate of public company Egyptian General Petroleum Corporation, will borrow €50m to the EBRD to upgrade its 60,000 bbl/d oil refinery. This loan follows another US$200m loan by the EBRD signed in May 2018.
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