Ethiopian Electric Power inks Loan Agreement with Standard Bank for Upgrade of Power Sub Stations

Ethiopian Electric Power inks Loan Agreement with Standard Bank for Upgrade of Power Sub Stations Ethiopian Electric Power

Ethiopian Electric Power and Standard Bank South Africa have signed loan agreement estimated at more than $100 million dollars aimed at financing the upgrade and rehabilitation of electric power sub-stations located in Addis Ababa.

The money secured by the loan agreement will finance 85per cent of the planned rehabilitation project. The Ethiopian government will provide the rest of the money. This loan agreement is the first loan promise made to the country after the bank opened its office a year ago in Ethiopia.

The project involves the upgrading of the aging 132 kv and 230kv power transmission line of the city.

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