World Bank to loan Egypt $270 million for Solar plant

The World Bank and Egypt have come to an agreement to build a Solar plant in the South of Egypt.

Egypt has secured $270 million from the World Bank to fund a solar power plant, the state news agency MENA said on Tuesday.

Egypt, which has about 25,000 megawatts of power capacity, has suffered repeated outages this year and plans to spend $100-120 billion to triple capacity by 2027.

The Kom Ombo Solar Power Plant, located in southern Egypt, will supply 100 megawatts, MENA quoted the electricity minister as saying.

The $270 million includes a $100 million investment by the Clean Technology Fund, which is affiliated with the World Bank, and a $170 million loan from the bank, the statement said.

Egypt said in August it had secured a $600 million loan from the World Bank to help finance the North Giza Power Plant on the outskirts of Cairo.

The North Giza plant will supply 1,500 megawatts of electricity, MENA said in its statement.

For more on Solar energy in Africa, see this previous post on the topic.

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