European Bank for Reconstruction and Development supporting access to renewable energy in Egypt
November 29, 2019
The European Bank for Reconstruction and Development (EBRD) is supporting the development of a more resilient and robust electricity grid across Egypt with a €182.9 million loan to the Egyptian Electricity Transmission Company (EETC) to strengthen the transmission network in the country.
Demand for electricity in Egypt is expected to grow significantly over the next 10 years due to economic growth. The project will address Egypt’s key challenge in reaching its strategic objective in the energy sector by expanding the country’s electricity transmission network.
Egypt is a founding member of the EBRD. Since the start of its operations there in 2012 the Bank has invested over €5.5 billion in 102 projects in the country. In 2018 Egypt was the EBRD’s largest economy in which it invests, in terms of new commitments.