The Ismail cabinet reportedly signed off on EGP 37b in loans to the Egyptian Electricity Transmission Company (EETC) to fund expansions to absorb a production capacity of 18GW by 2018. The National Bank of Egypt will be arranging a EGP 19b loan, while Banque Misr will arrange a EGP 18b.
The 15-year loans come with a three-year grace period, said EETC chairman Gamal Abdel Rahim. He also added that the government is expected to sign for the loans at the end of the week, Al Borsa reported.
Egypt has recently added 4.8MW to the national power grid. Siemens has connected the power generation capacity to Egyptian national electricity grid by completing the first phase of a mega project in the country ahead of schedule, Energy Business Review informed.
The German company has achieved a surplus 400MW of power which is nearly 10% more than the committed capacity of 4.4GW in the contract signed in June, 2015 for the expansion of Egypt’s power supply.