EIB, Egypt sign €115 million Gulf of Suez wind farm financing deal

Egypt has signed Tuesday a €115 million ($125 million) agreement to finance its wind farm project in Gulf of Suez with the European Investment Bank (EIB).

The agreement was signed by Mohamed Moussa Omran, head of the New and Renewable Energy Authority (NREA), and Heinz Olbers, the EIB’s Director of Operations in Southern and Eastern Neighbouring Countries, in the presence of Minister of International Cooperation Sahar Nasr.

The French Development Agency (AFD), the European Union, and the German Agency for International Cooperation (GIZ) are set to contribute €345 million to the Egyptian wind farm project.

Egyptian government also aims to generate 12 percent of its power from wind farms out of a total of 20 percent from renewable sources by 2020, Minister Nasr said.