The project is being financed out of a Eur 190 million ($163 million) European Investment Bank loan for the upgrade and modernisation of the local electricity distribution network. PEEGT is overseeing a $326 million overhaul of the power sector, due for completion in 2005, which will include the construction of 41 substations and the installation of 66-kV and 20-kV overhead power lines and underground cables. Co-finance for the four-year scheme is provided by the government, the Abu Dhabi Development Fund, the Kuwait-based Arab Fund for Economic & Social Development and the Jeddah-based Islamic Development Bank.