The programme includes the redevelopment of four hydropower plants at Grand Chutes, Donkea, Baneah and Garafiri, which will increase power generation capacity from 75MW to 122MW.
Plans also include renovation and expansion of two substations at Sonfonia and Kipe, and electricity distribution in Conakry.
The EIB will provide about 38% of the project cost and the Republic of Guinea, the Islamic Development Bank, Kuwait Development Fund, World Bank and African Development Bank will also support the programme.
EIB vice president Pim van Ballekom said: "West Africa faces huge energy challenges and the European Investment Bank is committed to supporting investment across Africa that both supports economic activity and improves lives.
"The Ebola epidemic is yet to be contained but it is essential that the international community does not abandon the region. We stand ready to do all we can to assist now and support economic recovery in the years ahead."
Guinea has vast amount of hydropower resources and high costs of operating diesel generators. The country’s economic development has been affected by limited electricity production and distribution.
