EBRD investment in Egypt at $13 B
The European Bank for Reconstruction and Development (EBRD) has invested almost €12.5 billion ($13 billion) in Egypt in the form of loans and project finance.
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Egypt, Cairo: According to an Egyptian government report, the European Bank for Reconstruction and Development (EBRD) has invested almost €12.5 billion ($13 billion) in Egypt in the form of loans and project finance. The funding facilities covered various sectors in the country, including renewable energy, water, transport, infrastructure, industry, farming and services, the Planning, Economic Development and International Ministry said in its report published by Alahram news website on Sunday.
The latest funding facility by the EBRD included about $21.3 million for an under-construction wind power farm in the Gulf of Suez to expand its original production capacity of 500 MW to 650 MW. The loan was extended last week to the Red Sea Wind Energy, which owns the project with local and foreign partners such as Egypt’s Orascom Construction, ENGIE (France), and Toyota Tsusho Corporation & Eurus Energy Holdings Corporation (Japan). The total financing was $106 million, with contributions from JBIC, Sumitomo Mitsui Banking Corporation, the Norinchukin Bank, and Société Générale S.A. Concessional financing has catalysed over $2.5 billion in private-sector investments in Egypt’s renewable energy sector so far, supporting the development of projects with a total capacity of 4.7 GW.
Source: Zawya
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