Britain will invest more than $97 million in the Benban Solar Park, the British Embassy announced, according to Al Ahram.
The funds are part of the $653 million loan package put together by the International Financial Cooperation (IFC) for the Nubian Suns Solar Project.
“The UK is investing in a project that will provide clean power to over 350,000 residential customers and generate up to 6,000 jobs,” the UK Ambassador to Egypt, John Casson, said, according to Al Ahram.
On Sunday, the Egyptian government signed a $653 million loan agreement with a banking consortium led by the IFC for the construction of a solar complex in Benban, Aswan. The project will include 13 solar-power plants and, upon completion, is projected to generate 590 megawatts (MW) of electricity.
The funds will be provided by the CDC Group, a development arm of the British government.