Egypt and the World Bank have signed two new loan agreements worth a total $820m to finance the construction of a gas fired power plant and a wind farm.
The two agreements are for the construction of a 1500 MW combined-cycle gas turbine power plant in north Giza, near Cairo, worth $600m, and the development of wind power project worth $220m.
Minister of International Cooperation Fayza Abulnaga and Shamsad Akhtar, the World Bank vice president for the Middle East and North Africa region, signed the agreements.
Akhtar said the World Bank was “pleased to support the renewable energy strategy of Egypt and the country’s ambitious programme for scaling up development of the wind and solar power plants.” The programme “can serve both national and regional goals of achieving fossil fuel savings, protection of the environment, the creation of green jobs and technology transfer.”
Egypt boasts some of the world’s best wind power resources, particularly in the Gulf of Suez, where at least 7200 MW could be potentially developed by 2022, the World Bank said.

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