Egypt has signed Wednesday the Arab Fund for Economic and Social Development (AFESD) financing agreement worth 6 million Kuwaiti dinars (around $85 million).
The loan is to help fund building a 50 MW photovoltaic power plant in Kom Ombo in Aswan, said Egyptian Minister of Investment and International Cooperation Sahar Nasr.
On the sidelines of chairing Egypt’s delegation in the Annual Meetings of the Arab Financial Institutions in Morocco’s capital Rabat, Nasr signed the agreement Abdullatif Youssef Al-Hamad, Director-General of the AFESD.
The project aims to support electricity supply in Egypt 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, Nasr added.
Egypt government seeks to realize the highest level of environmental safety and sustainability in line with the global environmental standards for clean energy generation.
KFAED’s cooperation portfolio amounts to $3 billion through 42 development projects in various fields as well as 12 technical grants worth $52 million.