An official from the Egyptian Ministry of International Cooperation stated that Egypt is currently in talks with China over a $4b loan to fund the country’s renewable energy strategy.

On the sidelines of the Euromoney Egypt conference, Deputy Minister for Economic Affairs, Shehab Marzban, confirmed that: “China has shown readiness to provide the fund,” reported Al Ahram.

Marzaban added that the $4b investment is planned for the financing of the country’s renewable energy program, including solar power projects that will generate in the excess of  1GW of electricity.

The news of the loan comes as both countries collaborate to further expand their bilateral energy relations, with agreements on the development of a factory to produce photovoltaic in Egypt and the construction of various solar plants throughout the country.