China-led Asian bank to lend Egypt up to $210 million
- Loan will finance 11 solar power projects in Egyptrn rn

China-backed Asian Infrastructure Investment Bank (AIIB) will lend up to $210 million in debt financing to tap Egypt's renewable energy potential by supporting 11 solar power projects, the bank said on Tuesday.

"This solar power project will help the country to meet its commitments under the Paris Climate Agreement as it moves towards an environmentally sustainable energy mix," AIIB said.

The project will consist of 11 greenfield solar power plants with total capacity of 490 megawatts.

A syndicate of lenders including the bank will provide long-term debt financing on a limited recourse project finance basis and the project will be co-financed by AIIB and the International Financial Corporation (IFC).

The program will increase Egypt's generation capacity so it can export energy during peak hours and improve its connectivity in the Middle East, Asia, Europe and Africa.

"Investing in clean, renewable energy is a big part of our strategy to promote a sustainable and low-carbon future for Asia," said D.J. Pandian, Vice President and Chief Investment Officer, AIIB. "We are supporting this project because it contributes to Egypt's renewable energy capacity, and it will help position the country as a regional energy hub, which will have economic benefits for the entire region."

By Huseyin Erdogan

Anadolu Agency




07 Sep,2017