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Transcript of BEI-14-27_EN
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PRESS RELEASE
BEI/14/27Cairo, 10 February 2014
New project financed by EIB in the sector of energy for 205 million
Today, the European Investment Bank (EIB) has signed a loan agreement for an amount of205 million to finance El Shababpower plant project. The project consists of the conversion ofan open-cycle power plant to combined-cycle gas technology. It will significantly improve thegenerating efficiency of the power plant, resulting in an increase in capacity to 1500 MWerepresenting 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 agreement was signed today by Mr. Nidal E. Assar, Deputy Governor of the Central Bankof Egypt, Mr. Gaber Dessouky Moustafa, Chairman of the Egyptian Electricity Holding Company(EEHC), Mr. Hamdy Ibrahim Azab, Chairman of the East Delta Electricity Production Company(EDEPC) and EIB Vice-President Mr. Philippe de Fontaine Vive. The signature was followed bya ceremony with Mr. Ashraf ElAraby, Minister of Planning and International Cooperation. Theproject 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 energyinfrastructure needed for the economic development of Egypt. The project is in full conformitywith the objectives of the Euro-Mediterranean Partnership policy pursuant to the jointDeclaration by the Member States and Mediterranean Partner Countries in Barcelona andcontributes to European policies in the areas of energy efficiency and climate change.
At the signing ceremony the EIB Vice-President Philippe de Fontaine Vive said: Our aim is tosupport the new Egypts social and economic transition by financing projects encouraginggrowth and employment. This is why we have decided to develop and modernize infrastructuresin the sector of energy. Through this project, we aim to promote the productivity andcompetitiveness of the Egyptian economy and to create jobs. We aim to contribute to theimprovement of the daily life of the Egyptian people and to the building of a future for theyounger generation.
EIB support for key economic and social sectors, 637million signed in the past twoyears.
As the leading development financier in the Mediterranean, the European Investment Bank(EIB) mobilizes its resources and expertise to target public and private sector projects that mayassist in the process of economic and social recovery in the Region. Over the last two years,the EIBs Board of Directors has approved more than 1 billion loans for projects in Egypt andsigned EUR637m so far in key economic and social sectors.
EIBs aim in the past years has been to deploy its resources to provide an appropriate practicalresponse to the expectations expressed by Egyptian people. It encourages entrepreneurialismby supporting small businesses and promoting job creation.
Last December, EIB signed three loans amounting to a total of187 million: a 57 million loanin support of the Improved Water and Wastewater Service Programme II (IWSP II) in UpperEgypt, a80 million credit lineto the National Bank of Egypt (NBE) to improve SMEs accessto credit and a 50 million loan to ensure safety and efficiency within Egyptian airspace, in linewith both the International Civil Aviation Organisation (ICAO) and EU standards.
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Background information
The European Investment Bank (EIB) is the long-term lending institution of the European Unionowned by its Member States. It makes long-term finance available for sound investment in orderto contribute towards EU policy goals.
Press contact
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