The Egyptian Electricity Transmission Company (EETC) signed seven contracts worth EGP 656.3 million with the Egyptian German Electrical Manufacturing Company (EGEMAC) to develop the national electricity grid, Al Mal News reported.

The contracts were signed by Sabah Mashaly, head of EETC; and Medhat Ramadan, EGEMAC Chairman.

According to the contracts, the companies will establish new substations in 10th of Ramadan City, Damietta, and Hawamdia with around EGP 630 million. The contracts further aim at purchasing ten mobile substations.

The projects listed in the contracts will be financed by the European Investment Bank and the Arab Fund for Economic and Social Development.