ICEC

Parliament endorses Japan’s JICA $111mn-loan for Hurghada solar plant

Egyptian parliament approved Tuesday the presidential decree no. 285 for 2016 in regards to a 11.2 billion yen (US$111.7 million) to establish solar power plant in Hurghada. The new plant is set to operate with the capacity of 20MW.

Project’s funding is set to be granted by Japan International Cooperation Agency (JICA) to Egyptian New and Renewable Energy Authority (NREA).

The project is set to participate in state’s sustainable development plan, enhance saving power, lower fuel consumption, as well as generating green electricity, the parliament stated.

The new solar power plant would also provide new job opportunities for youth in addition to attracting local and foreign investments to Egypt’s photoelectric field.

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