Brussels, 22/03/2010 (Agence Europe) - On Friday 19 March, the European Investment Bank (EIB) announced that it is providing €90 million to expand and reinforce the electricity networks owned by EDP-Energias do Brasil S.A. (EDB) in the states of São Paulo and Espírito Santo. The project concerns two years of EDB's multi-annual investment programme 2008-2012. The programme's purpose is to expand and strengthen the electricity distribution networks, to maintain and improve quality of supply and to reduce system losses in the company's concession areas located in the states of São Paulo and Espiríto Santo, both in the southeast region of Brazil. he two states have a population of some 8 million inhabitants and EDB provides electricity to 2.7 million customers. Expansion and improvement investments will concern overhead distribution lines, underground cables, substations and other.
The EIB is extending this loan in the context of the current lending mandate for Asia and Latin America (ALA IV), covering the period 2007-2013. Under this mandate the EIB is authorised to lend up to €3.8 billion for financing operations that contribute to climate change mitigation or to support the presence of the European Union (EU) in those regions through Foreign Direct Investment and the transfer of technology and know-how. (O.L./transl.fl)