Author: BAYKEE Source: BAYKEE’s Official Website Update: Sep 8, 2017
The Chairman of the Executive Board of the International Finance Corporation Group (IFC), a member of the World Bank, approved a $635 million investment aimed at helping Egypt build, operate and maintain 11 solar power stations.
The total installed capacity of these stations is 500,000-kilowatt, which will be one of the largest private foreign direct investment projects in Egypt's electricity industry in recent years.
This is part of Egypt's landmark solar-power price scheme, a $730 million project in the vicinity of Aswan, aimed at leveraging the country's vast solar energy resources to mobilize private investment to build the world's largest solar photovoltaic power station.
In addition to helping stimulate economic growth, the project will also help to promote local economies, including temporary and long-term employment opportunities, and help reduce greenhouse gas emissions. "This landmark investment shows that as long as there is the right reform policy and the willingness of the government to allow more involvement of the private sector, investors can attract investment in every area, including infrastructure," said Mouayedmakhlouf, director of IFC in the Middle East and North Africa region. "Such investment is at the heart of economic growth, which is what Egypt needs." ”
Egypt's solar-power grid-price project, which includes funding from other institutions, including EBRD and Proparco, is expected to be one of the largest foreign direct investment projects in recent years, attracting as much as $2 billion in investment.
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