EIB to finance €392m projects in Egypt

The European Investment Bank (EIB) Wednesday signed finance contracts with Egypt for an amount of 187 million Euro in the water, transport and SME sectors. In addition, it signed a commitment to provide 205 million Euro for an energy project. The agreements were signed today at the Headquarters of the EIB in Luxembourg by Egyptian Deputy Prime Minister and Minister of International Cooperation Dr. Ziad Bahaa Eldin, and EIB Vice-President Philippe de Fontaine Vive, according to an EIB press release. The EIB will in 2014 lend 205 million euro for the conversion of a power plant from open-cycle to combined-cycle gas turbine technology at El Shabab. The project will contribute to the expansion of the basic energy infrastructure needed for the economic development of Egypt. Over the last two years the EIB's Board of Directors has approved loans worth approximately 1 billion euro for projects in Egypt. The European Investment Bank is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for investment in order to contribute towards EU policy goals.