EIB grants Egypt €115mln for windfarm project in Gulf of Suez
(Ecofin Agency) - As announced in February 2016, the European Investment Bank (EIB) has awarded a €115 million loan to Egypt. The facility is to be dedicated to the construction of a windfarm of a capacity of 200 MW in the Gulf of Suez.
“The project is in line with the Bank's objective to provide more finance to renewable energy projects,” said Heinz Olbers, EIB’s director of operations in the Neighborhood Countries.
The plant will also benefit from the financial support of German bank KfW, the French Development Agency and the European commission. All three institutions will respectively provide €75mln, €50mln and €30mln for the project.
The plant’s development falls under Egypt’s energy strategy which aims at meeting 12% of its energetic need with wind energy infrastructures, by 2020.