General Electric (GE) said it has reached financial close on its USD 250 mn contract with the Egyptian Electricity Transmission Company to build four substations that will connect 7 GW of power to the national grid, Daily News Egypt reports. The project, which was signed for back in July 2016, will be funded by Deutsche Bank AG and HSBC France and should come online by the end of 2018. GE has partnered with local contractor Rowad Modern Engineering to build the new Cairo substations, according to GE North East Africa President and CEO Ayman Khattab.

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