Egypt: €115 Mln Financing Agreement for Wind Station In Gulf of Suez SingnedSource: www.export-egypt.com 3/29/2017, Location: Africa |
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 Minister of Investment and International Cooperation Sahar Nasr took part in the signing ceremony of a €115 million financing agreement for the establishment of a wind station in the Gulf of Suez.
Head of the New and Renewable Energy Authority Mohamed Omran and Director of the eastern neighbors and central Asia department at the European Investment Bank (EIB) Heinz Olbers signed the agreement. European development partners, including the French Development Agency, the European Union and the German Development Agency, are also taking part in financing the project with a total of 345 million euros. Nasr said the project is an integral part of a national strategy to expand renewable energy generation and achieve a 20 percent share of the country's total energy production by 2020. For his part, Olbers affirmed the EIB's keenness on boosting cooperation with Egypt at all levels, especially the economic and investment areas. He added that the EIB would sign a €500 million financing agreement with Banque Misr to finance the private sector development and encourage banks to support the small and medium-sized enterprises. |
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