EBRD and IFC invest $500 million for solar power development in Egypt

The European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC) and a set of private sector investors have decided to invest $500 million for the construction of 1.4 GW of PV capacity in Egypt. While EBRD has identified 16 new solar projects with a cumulative capacity of 750 MW to receive financing, IFC will support the development of 13 solar parks with a cumulative capacity of 650 MW. The contribution of EBRD as reported stands at $380 million and that of IFC at $203 million. An additional $7 million funding will be mobilised from the private sector investors.