Egypt nears deal to secure €200 M for new line

Egypt, Cairo: Egypt is close to finalizing a deal with the European Union and the European Bank for Reconstruction and Development (EBRD) to secure €200 million in funding to launch a 198 km transmission line in the Gebel El Zeit area, located near the Red Sea coast. The funding will be split into a €165 million soft loan and €35 million as a grant from the European Union to the state-run Egyptian Electricity Transmission Company.

The funding will be used to launch the line to transmit electricity produced by wind projects in Gebel El Zeit. The line is set to be completed in a year.