Back to the complete issue
Monday, 24 July 2017

IFC pledges USD 660 mn to solar power project in Egypt

IFC pledges USD 660 mn to major solar power project in Egypt: The International Finance Corporation’s executive board signed off last Thursday on a USD 660 mn funding agreement to help finance the USD 730 mn solar power complex in Benban, Aswan, an Investment and International Cooperation Ministry statement said on Thursday (pdf). The funding will go to six consortiums made up of local and international firms developing 11 solar array fields producing a total 500 MW of power. The European Bank for Reconstruction and Development and other international organizations had pledged close to USD 2 bn in financing for Benban’s solar projects.

On a related note, Egypt netted USD 7.8 bn in foreign direct investment in the first seven months of 2017, Investment Minister Sahar Nasr said on Thursday, according to AMAY.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.