World Bank’s energy lending to Egypt hits $4 billion: minister

The World Bank has recently provided funding worth $4 billion in Egypt’s energy sector, Egyptian Investment Minister Sahar Nasr said Tuesday.

The funding includes $3 billion for supporting economic reforms in the sector and $635 million worth of direct investments from the global and Egyptian private sector to establish the largest international zone for solar power generation in Aswan, Nasr added in a ministry statement.

This is in addition to more than $200 million worth of investment guarantees for Aswan project provided by the World Bank’s Multilateral Investment Guarantee Agency (MIGA) and foreign direct investments worth $150 million in the oil and gas sector.