Banking consortium finances Egyptian Electricity Transmission Company with LE 4B

CAIRO – 24 August 2021: A banking consortium consisting of 4 banks signed a joint financing contract worth LE 4 billion with the Egyptian Electricity Transmission Company.

The consortium included: the National Bank of Egypt, the Commercial International Bank, Bank Du Caire and National Bank of Kuwait.

The financing comes for the purpose of contributing to the investment cost of some of the Egyptian Electricity Transmission Company's projects.

The projects are the implementation of transformer stations, expansions of some existing transformer stations, the purchase of new transformers and the cells needed for them, and the implementation of cables and lines for the transmission of electric power for high and high voltages at the level of the Republic.

The Ministry of Electricity and Renewable Energy is working to improve and develop the transmission and distribution networks, including high-voltage transformer stations and control centers, in addition to smart grids to enhance and strengthen the national electric grid, according to a statement issued today.

“We are working to absorb the new capabilities added from renewable energy, reduce electrical losses in the network and strengthen the electrical connection with neighboring countries,” Minister of Electricity, Mohamed Shaker, said.

The ministry has implemented many projects in the field of overhead lines and transformer stations on high and high voltages at the level of the Republic, with the aim of developing electricity transmission networks.

The network lengths of 500 kV were increased approximately 1.5 times what they were in 2014, and the capacities of the transformer stations with a voltage of 500 kV were increased by 4 times compared to the network situation in 2014 on the same voltage.

Egypt actively participates in all regional electrical interconnection projects, as Egypt is electrically connected with neighboring countries to the east and west, with Jordan and Libya, and the first phase of the linkage with Sudan has been completed.

The completion of the joint electrical interconnection project between Egypt and Saudi Arabia is currently underway, and the electrical interconnection is being studied in the south towards the African continent to benefit from the huge potentials of hydropower in Africa, according to what the Minister of Electricity indicated.