New project financed by EIB in the sector of energy for €205 million

The European Investment Bank (EIB) has signed a loan agreement for an amount of €205 million to finance El Shabab (Egipt) power plant project.
The project consists of the conversion of an open-cycle power plant to combined-cycle gas technology. It will significantly improve the generating efficiency of the power plant, resulting in an increase in capacity to 1500 MWe representing a 50% increase in electricity output, in order to meet the growing electricity demand at a competitive cost and with a low environmental impact.
The project will be co-financed by the European Bank for Reconstruction and Development (EBRD) and the Saudi Fund for Development.
Once fully developed, this complex will contribute to the expansion of basic energy infrastructure needed for the economic development of Egypt. The project is in full conformity with the objectives of the Euro-Mediterranean Partnership policy pursuant to the joint Declaration by the Member States and Mediterranean Partner Countries in Barcelona and contributes to European policies in the areas of energy efficiency and climate change.