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    Reference: 20140534
    Release date: 30 July 2015

    Promoter – Financial Intermediary




    The project consists of the construction of a 2x900 MW high-efficiency combined cycle gas turbine (CCGT) on the site of an existing power plant at Damanhour, in the Nile Delta, 150 km north-west of Cairo.


    Reliable, safe and fuel-efficient energy is critical to private sector growth and as such forms a cornerstone in Egypt's strategy for economic growth. The CCGT technology offers lower CO2 emissions compared to other fossil fuel alternatives. The project is in line with Euro-Mediterranean Partnership policy, and with energy efficiency and climate change targets.


    This operation is covered by the EU Guarantee for EIB loans outside the EU.


    • Energy - Electricity, gas, steam and air conditioning supply

    Under ELM Guarantee

    This operation is covered by the ELM Guarantee.

    Proposed EIB finance (Approximate amount)

    USD 600 million (EUR 538 million)

    Total cost (Approximate amount)

    USD 1347 million (EUR 1208 million)

    Environmental aspects

    Due to its size and technical characteristics the project requires an environmental impact assessment (EIA) under EIB guidelines. The EIA process is ongoing and it is expected to be finalised in the second half of 2015. The project is expected to contribute to meeting growing electricity demand with a lower environmental impact than other fossil-fuel-based alternatives.


    The project is required to be procured according to the Bank's Guide to Procurement. The procurement process is ongoing.


    Signed - 6/12/2015


    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
    They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Related tags

    Egypt Energy