Egypt is receiving two loans worth a combined EUR120m from the European Investment Bank to develop renewable energy and water projects. The first loan of EUR50m (USD72.7m) will support the development of the Gabal el Zait offshore wind farm
The project, located on the Red Sea coast, will have a 200MW capacity. The second EUR70m (USD101.8m) loan will finance water supply and wastewater treatment infrastructure in four Nile Delta governorates.
Egypt aims to meet 20% of its electricity demand from renewable energy sources by 2020.