EIB To Loan $280M For Egyptian Gas Plant Upgrade

Law360, New York (February 10, 2014, 4:18 PM EST) -- The European Investment Bank on Monday agreed to loan €205 million ($280 million) to Egypt in order to finance the conversion of the El Shabab open cycle gas power plant to a combined-cycle station.

The conversion is supposed to improve the plant's generating capacity by 50 percent to 1,500 megawatts to help Egypt meet rising consumer demand without significantly increasing its carbon footprint, the bank said, having signed the deal with the Central Bank of Egypt and the Egyptian Electricity Holding Co.

"Our aim is to...
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