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Egypt : World Bank's MIGA commits financial aid for Egyptian solar power plants

Publish Date : 17-Jan-2018

World Bank Group member, the Multilateral Investment Guarantee Agency (MIGA), has committed to provide financial aid for six solar power plants in Egypt, the total capacity of which is 250 MW.

MIGA will assign a total of $102.6 million, in what represents the maiden set of a total of 12 schemes passed by the Multilateral Investment Guarantee Agencys board in support of Egypts solar feed-in tariff (FIT) program.

The funds will be offered to help build, operate and maintain six solar power plants in Egypt with a total capacity of 250 MW.

According to the agency, nearly $5 million will go to equity holder ib vogt GmbH of Germany for up to 15 years, while a further $97.6 million will be offered for up to 2 decades to the Chinese Industrial and Commercial Bank of China (ICBC), bolstering the longer-term strength of the projects against fluctuating tariffs.

MIGA Executive Vice President and CEO Keiko Honda said, Significant investments are needed in Egypt to meet growing demand for power, and diversify the countrys energy mix. We are proud to be supporting Egypts ambitious efforts to deliver reliable power to its citizens, while helping tackle climate change.

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