to-the-point: Egypt gets EIB loan of EUR 115m for wind project

The European Investment Bank (EIB) signed today in Cairo a EUR-115-million (USD 125m) loan for the Gulf of Suez wind farm in Egypt which will have as many as 100 turbines.

The wind farm of over 200 MW is also financed by the KfW Development Bank of Germany with EUR 72 million, including a grant of EUR 10.5 million, by Agence Francaise de Developpement with EUR 50 million, and by the New and Renewable Energy Authority which agreed the EIB loan. A EUR-30-million grant has been awarded by the European Commission (EC).

“The project is in line with the Bank’s objective to provide more finance to renewable energy projects,” said Heinz Olbers, EIB head of operations in the Neighbourhood Countries.

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