EIB offers 150 million Euros to finance building new power station

The European Investment Bank (EIB) offered a long-term loan worth 150 million euro to the Egyptian Holding Company for Electricity to finance a new gas-operated power station in south of lakes Nubariya and Nasiriya in the Delta.

ÊÊÊ The EIB said this loan is second of its kind to be received by the Egyptian company and the 10th of its kind to the electricity sector since 1979. The first was offered in 2001 to erect a power station in north Cairo.

ÊÊÊ A number of heat energy-operated power stations and projects of power grids and electricity extension in Cairo, Upper Egypt and Alexandria were financed, according to the EIB.

ÊÊÊ The new power station, slated to end in 2007 to start production of electric energy with a capacity of 650 megawatt, is provided with state-of-the-art environment-friendly gas turbines.

ÊÊÊ The Bank said in a statement that this station is designed to be operated with light mazot as a substitute fuel in cases of emergency