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17 July 2003 - The European Investment Bank (EIB), the EU's financing institution, has agreed to loan €150m to the Egyptian Electricity Holding Company (EEHC) for construction of the second module for the Nubariya power plant.
Located on the Nile delta 120km north-west of Cairo near the junction of the El Nubariya and El Nassery canals, this will have an annual output of 4 550 GWh/a.
This loan follows on from an initial €150m granted by the EIB in September 2002 for phase one of this gas-fired combined-cycle plant, which is scheduled to enter into commercial operation in 2007.
At the signing of this second loan in Cairo on 15 July, EIB Vice-President Philippe de Fontaine Vive commented: "This project will serve to meet the growing demand for electricity by both private and business users in the Cairo and Alexandria regions (up 7.7 per cent in 2002 alone)."
"It will facilitate the exploitation of an abundant domestic energy resource (natural gas) in line with Egypt's economic development objectives. The sustainability of such development will be enhanced by the fact that the project will be implemented in accordance with the EU's most stringent current environmental standards."
"I am also pleased to stress that this operation chimes fully with the goals of the Bank's new Facility for Euro-Mediterranean Investment and Partnership (FEMIP), one of whose priorities is to create an environment favourable to the growth of private enterprise".
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