AfDB to finance 3 energy projects in Egypt at $250M

CAIRO – 19 September 2017: The African Development Bank (AfDB) will finance three renewable energy projects in Egypt at a total value of $250 million, the multilateral bank's Country Manager Leila Mokaddem said Tuesday.

On the sidelines of the second day of the Euromeoney Egypt Conference in Cairo, Mokaddem told journalists that a bank's delegation will visit Cairo in October to discuss the procedures of granting the third tranche of the bank's loan to Egypt worth $500 million by the end of 2017.

AfDB approved on September 5

three loans worth $55 million

to fund three 50 megawatt (MW) photovoltaic solar power projects in Egypt, under the Feed-in-Tariff (FiT) Program in Egypt.

The bank has allocated $1.5 billion finance to support the economic and social programs in Egypt over three years, of which Egypt received two tranches worth $1 billion.

A technical delegation is scheduled to arrive to Cairo next week to evaluate the final studies of the Abu Rawash water and wastewater treatment plant, Mokaddem highlighted.

Egypt's Investment Minister Sahar Nasr and Mokadem discussed the latest development in the cooperation strategy 2015 – 2019 worth $3 billion in August.