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FILE PHOTO: A farmer works in a field surrounded by electricity pylons in Ratcliffe-on-Soar, in central England, September 10, 2014. Britain could face planned power cuts this winter if it is unable to import electricity from Europe and it struggles to attract enough gas imports to fuel its gas-fired power plants, the National Grid warned on Oct. 6, 2022. REUTERS/Darren Staples.
Egypt is close to finalising a deal with the European Union and the European Bank for Reconstruction and Development (EBRD) to secure funding of up to €200 million to launch a new power line in the Gebel El Zeit area close to the Red Sea coast, a news report said.
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, informed sources told Ashraq Business, an Arabic financial portal.
The report said the funding will be used to launch a 198-km overhead line to transmit electricity produced by wind energy projects in Jabal Al-Zeit.
The overhead line will be completed in a year, the news report added.
(Writing by P Deol) (Editing by Anoop Menon)
(anoop.menon@lseg.com)
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