European Investment Bank grants $73m loan for Red Sea wind farm
The European Investment Bank has issued a €50m ($73m) loan for a 200MW wind farm off the the Red Sea coast.
The client on the project, which will be located at Gabal el-Zeit, is the New & Renewable Energy Authority.
Cairo plans to meet 20 per cent of its electricity demand from renewable energy projects by 2020.
The bank has also granted a €70m loan to a water and wastewater scheme in the governorates of Behira, Damietta, Gharbia and Sharkia in the Nile Delta. The project aims to improve access to safe drinking water and sanitation for 4 million people.
The projects are also financially supported by Germany’s KfW and Agence Francaise de Developpement as well as the European Commission through the Neighbourhood Investment Facility.