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TunisiaEgypt: new EIB funding to meet energy demand
December 8, 2015
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The European Investment Bank (EIB) and Egypt have signed a loan agreement worth $600 million to finance a project in Egypt contributing to a secure sufficient and affordable electricity supply.
The Damanhour Combined Cycle Gas Turbine Power Plant project involves the construction of a Combined Cycle Power Plant with a total installed capacity of 1800 MW in the Nile Delta area of Egypt. It will strengthen electricity generation capacity to cater for increasing demand with modern and high efficiency units that will partly replace smaller and less efficient production capacity. The project is part of a five-year plan to increase the capacity of the national electricity network of Egypt and will ensure electricity production with significantly lower CO² emissions compared to fossil-fuel based alternatives.
The $1.3 billion project is financed by the European Investment Bank ($600 million), European Bank for Reconstruction and Development ($ 200 million), Arab Fund for Economic and Social Development ($ 200 million) and West Delta Electricity Production Company’s own funds. (EU Neighbourhood Info)
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EIB – website
EU Neighbourhood Info Centre webpage – Egypt
EU Delegation to Egypt – website and Facebook page
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Egypt
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