The World Bank’s Multilateral Investment Guarantee Agency (MIGA) will provide Egypt with $102.6 million in credit facilities to finance the construction, operation, and maintenance of six solar power plants, Amwal Al Ghad reported.
MIGA plans to provide guarantees against any currency exchange failure, currency transfers expropriation and restrictions, war, contract disruption, or civil unrest.
The company will comprise a number of credit facilities for various solar projects, including one that covers $5 million to IB Vogt for 15 years, and another that covers $97.9 million to a Chinese company for 15 years. An additional credit facility will be provided to the Industrial and Commercial Bank of China worth 97.6 million for 20 years.
The plants will be established with investments worth $385.8 million, and are set to provide energy for 349,912 residential units.
MIGA’s CEO and Executive Vice President, Keiko Honda, pointed out the importance of further injecting investment in Egypt in order to cover the growing demand for electricity and diversify its resources in the country.
Meanwhile, Saudi ACWA Power, along with the Industrial and Commercial Bank of China, is building 3 solar plants in Egypt.