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Turkey wins € 325 mln loan from EIB for electricity grid

The European Investment Bank will loan Turkey € 325 million ($415 million) to expand and renovate its electricity distribution network, slated for sale under an International Monetary Fund plan. The Turkish government and the EIB signed off on the first € 100 million installment of the loan yesterday, the Ankara-based treasury said in an e-mailed statement today. Turkey is seeking to curb the state's role in energy production and distribution under plans backed by the IMF and World Bank. The country's electricity consumption may jump to 54,000 megawatts by 2020, from 32,000 megawatts in 2004,
according to the US Department of Energy's Web site. The government has „almost completed” preparations for the sale of six of 20 regional grids, Metin Kilci, head of the government's asset sales agency, said on Aug. 5. It aims to invite bids for one or two of those before the end of August. (Bloomberg)