Egypt's wind power project secures $430m loan

Egypt has secured from Japan a $430m loan to finance its 220-megawatt wind farm at Gebel el Zeit on the Gulf of Suez to boost the country's renewable energy output, Egypt's state news agency MENA has reported. Egypt aims to generate 12% of its power from wind and 20% from renewables overall by 2020. Egypt has also recently said it would receive a $100m loan to fund its 1,300 megawatt power plant in the Red Sea coastal town of Ain Sokhna, east of Cairo from the Kuwait Fund for Arab Economic Development.