The Executive Board of the Multilateral Investment Guarantee Agency (MIGA) approved $210 million worth of financial guarantees for international companies participating in an Egyptian solar project, according to the Minister of Investments and International Cooperation, Sahar Nasr, Egypt Oil & Gas reports.

Six private international and Egyptian firms will construct 11 solar fields in the Benban area of Aswan. The fields will have a capacity of 500 megawatts (MW) and to cost $730 million. The International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD) are also contributing to the project.

MIGA is a member of the World Bank Group and seeks to channel foreign direct investment (FDI) into developing economies to foster economic growth.

This guarantee is the first of its kind in Egypt for seven years, Nasr said.  She added that it reflects the agreement between President Abdel Fattah El Sisi and the President of the World Bank, Jim Yong Kim, to enhance cooperation between Egypt and the World Bank in order to strengthen the private sector and encourage FDI.