Utilities Middle East

Egypt signs $254mn financing deal for power distributi­on

New loan facility from Egyptian banks will enable the country build additional transforme­r stations to ramp up electricit­y access amid surging power demand


Egypt is seeking to boost its electric power distributi­on network following the signing of a $254mn (LE4bn) financing deal.

The Egyptian Electricit­y Transmissi­on Company (EETC) signed a joint financing contract with several Egyptian banks that will allow it to add to and expand the country’s transforme­r stations.

The contract is between EETC and the National Bank of Egypt, the Commercial Internatio­nal Bank, Banque du Caire and the National Bank of Kuwait, according to the country’s ministry of electricit­y.

The loan will also allow EETC to construct more cables and lines for high-voltage power transmissi­on in Egypt.

The National Bank of Egypt signed the agreement as the financing agent, the main arranger and the financing marketer, while the Commercial Internatio­nal Bank signed as the main arranger and the financing marketer, Banque du Caire as the main arranger and the financing marketer, and the National Bank of Kuwait as the arranger.

Egypt’s electricit­y sector is working to improve and develop the country’s transmissi­on and distributi­on networks, including high-voltage transforme­r stations and control centres.

In order to accommodat­e new renewable energy generation capacities into the grid, the country has started implementi­ng smart grid solutions.

This initiative is expected to boost grid resilience through reduction in electric power losses.

Egypt’s electricit­y and energy minister Mohamed Shaker said that these solutions will also support efforts towards developing strong grid interconne­ctivity with neighbouri­ng countries.

Egypt has nearly doubled its entire distributi­on network.

 ?? ??

Newspapers in English

Newspapers from United Arab Emirates