Development banks lend on project
European Development Partners (EDP) has signed an agreement with the Egyptian government to finance a 200MW wind farm in the Gulf of Suez.
The four institutions making up EDP will offer a total of 267m ($283m) for the 343m project.
The allocations are:
- European Investment Bank - 115m soft loan
- KfW (Germany) - 72m soft loan
- French Development Agency - 50m soft loan
- European Union - 30m grant
The Egyptian government will provide the remaining 78m.
Egypts New and Renewable Energy Authority (NREA) is will carry out the project. It is due for completion in 2019.
Germanys Siemens and the US GE are also planning to install wind turbine manufacturing capacity in Egypt, as well as major wind farms.
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