Egypt Signs AFESD Funding Agreement for Solar Plant
Thursday, 20th April 2017
The Egyptian Minister of Investments and International Cooperation, Sahar Nasr, signed an Arab Fund for Economic and Social Development (AFESD) agreement worth $85m. The deal was signed by the Egyptian Minister and AFESD’s General Director, Abdullatif Youssef Al-Hamad, to help finance the construction of a 50MW photovoltaic power plant in Kom Ombo in Aswan, reported Amwal Al Ghad.
The Kom Ombo project aims to support electricity supply in Egypt in order to meet the growing demand for electricity and to focus on new and renewable energy projects instead of projects that depend on traditional energy sources, such as natural gas, coals, and black oil.
Minister Nasr further met with the Kuwait Fund for Arab Economic Development’s (KFAED) Director-General, Abdulwahab Ahmed Al-Bader, and discussed increasing cooperation between Egypt and KFAED through the financing agreements signed between them, which totalize $3b allocated to 42 development projects in various sectors.
The Egyptian government aims to realize the highest level of environmental safety and sustainability. The Egyptian environmental standards should be in line with the global environmental standards for clean energy generation.