In a closed-door ministerial meeting held on the sideline of annual meetings of the World Bank and the International Monetary Fund in Indonesia, Egyptian Minister of Investment Sahar Nasr called on the World Bank and the International Finance Cooperation (IFC) to increase their support for Egypt’s renewable energy sector.
Nasr highlighted Egypt’s role in renewable energy and its success achieved in the field, using the Benban solar park in Aswan as an example, which is the biggest in the Middle East.
According to Nasr, the project is being financed by a consortium of nine international banks, who are all investing in the sector for the first time.
The 1.8 GW capacity Benban project, which was announced by President Abdel-Fattah El-Sisi in 2015 and allocated a 37-square-kilometer plot, is set to be completed by mid-2019.
The 13 solar power plants, which are expected to generate 590 megawatts, will cost $823 million in total, with the IFC providing $653 million, according to the ministry of investment in October 2017.
She told the attendees, which included the heads of World Bank and the IFC, and the IMF, that Egypt aims to increase the number of environmental-friendly projects, including renewable energy, sustainable development, and agriculture.
Egypt has been aiming to upgrade its power plant capacity and renewable energy projects in order to meet rising power demand and resources.
Egypt aims to generate 20 percent of its energy needs from renewable sources by 2022 and 42 percent by 2035.