Development of Electrical Transmission Grid
A loan Agreement for KD 60 Million was signed in Washington, D.C. on the 22nd of April 2018 to help finance the Development of the Electrical Transmission Grid in the Arab Republic of Egypt.
The loan agreement was signed by H.E. Dr. Sahar Nasr, Minister of Investment and International Cooperation on behalf of the Egyptian Government, and by H.E. Mr. Abdlatif Yousef Al-Hamad, Director General/Chairman of the Board of Directors of the Arab Fund.
The project aims at satisfying the demand for electricity in areas having increasing electric loads, by developing and expanding the electric power transmission grid. This will be accomplished by constructing substations operating at 500 kV, 220 kV, 66 kV, 22 kV and 11 kV, and constructing aerial lines and laying underground cables in order to connect the new substations to the power grid.
The project includes the following main components:
The loan will carry interest at 2.5% per annum and will be repayable over 30 years, including a 4 years grace period.
The Egyptian Electricity Transmission Company will be the beneficiary of the loan.
With the signing of this loan, the Arab Fundís total contribution to financing projects in the Arab Republic of Egypt amounts to KD 1,523 million.