Islamic Development Bank’s ICD mulls financing new projects worth $45 mln in Egypt

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IsDB), is studying financing new development projects worth more than $45 million in Egypt.

To date, ICD has allocated a total of $230 million to Egypt, its chief executive Ayman Amin Sejiny told local press Mubasher on Monday.

The corporation’s investments in Egypt include financial, manufacturing and metals, as well as energy sectors, Sejiny said.

ICD projects in Egypt

The ICD has funded Egypt’s oil and gas company Advanced Energy Systems (ADES Egypt) with around $20 million. It also contributed to establishing Enmaa Finance Company as an Egyptian joint stock company with a paid-up capital of 40 million Egyptian pounds which increased to 163 million pounds.

Moreover, the corporation participated in financing two solar power plants in Benban in Aswan.  The ICD financed the first plant, which includes a portfolio of six 50-megawatt (MW) AC solar plants, with $25 million, and provided the second one, a 50 MW PV solar power plant project, with $28.5 million.

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