IFC to fund solar energy plant in Egypt with $660M grant

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Fri, 21 Jul 2017 - 07:14 GMT

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Fri, 21 Jul 2017 - 07:14 GMT

Minister Sahar Nasr said - File Photo

Minister Sahar Nasr said - File Photo

CAIRO – 21 July 2017: A grant of $660 million to finance a new solar energy plant in Egypt, set to be the country’s largest, has been approved by the International Finance Cooperation (IFC), the World Bank Group’s (WBG) arm concerning the private sector, as part of the WBG’s support to Egypt’s economic reform program, Minister of International Cooperation and Investment Dr Sahara Nasr said on Thursday.

Six international and Egyptian private-sector companies will build 11 solar energy plants in Aswan, with total cost estimated at $730 million, to produce 500 megawatts of electricity, according to Nasr’s statement.

Nasr, Egypt’s governor for the WBG said that IFC approval to establish this project clearly reflects the confidence of the international financial institutions and major world economies in the Egyptian economy, predicting prospects of growth in the upcoming period.

“Egypt has taken unprecedented measures in its program of economic reforms, including structural reforms in the energy sector, besides creating new legislative structure to attract foreign investment,” Nasr said.

The IFC funding is part of an inclusive project to produce solar energy in Egypt, where the European Bank for reconstruction and development and many major worlwide corporations have investments worth $ 2 billion.

The project follows Egypt’s commitment to the resolutions of Paris Climate Agreement. Egypt aims at producing 20 percent of its electricity from clean power by 2020.

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