IFC ANNOUNCED PLANS FOR US$653M SOLAR PROJECT IN EGYPT

International Finance Corporation partners with nine international banks to build Benban solar park which will be the largest solar park in the world.

International Finance Corporation (IFC) which is a member of the World bank has announced plans to construct 13 solar power plant in Aswan, Egypt. The project which is expected to have 13 solar plant will be the largest solar park in the world after its completion.

The fund was raised by IFC in collaboration with nine other international bank to construct the 13 solar plant which will also be joined by another 19 plant to make up the Benban Solar Park which will increase the total cost of the plants to reach around US$823 million.

Manager of Infrastructure and Natural Resources For the Middle East and North Africa, Erick Becker; “IFC, which provided $202 million in financing for the project, was studying other potential opportunities in Egypt with renewable energy, both in solar and wind.”

The project generate a capacity of 752 megawatts of solar power and will be able to provide power to more than 350,000 residents and create up to 6,000 jobs during construction plus also help Egypt’s Feed-in-Tariff Financing Programme achieve its goal of providing 20 percent of its electricity from renewable resources by 2022.

The other nine international banks are; Asian Infrastructure Investment Bank, African Development Bank, CDC, Finnfund, Oesterreichische Entwicklungsbank, Industrial and Commercial Bank of China, Europe Arab Bank, Arab Bank and Finance in Motion/Green for Growth Fund.

 

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