(Ecofin Agency) - An official from Egypt’s Ministry for International Cooperation said the country was currently negotiating a $4 billion loan from China. If secured, the loan will be used to finance the national renewable energy strategy, he told Ahram Online.

“China has shown readiness to provide the fund,” Shehab Marzban, the deputy minister for economic affairs, told the media. He said the funds will help build clean energy power plants totaling a capacity of 1 GW.

In January 2016, the Egyptian government announced a $15 billion financing program from China. Including commercial loans and loans with good rates, the financing is to be injected in the nation’s energy, transport and sanitization sectors.

Gwladys Johnson