IFC approves USD 635 mn investment in solar power park in Egypt

The International Finance Corporation’s executive board approved a USD 635 mn funding agreement to construct, operate, and maintain as many as 11 solar power plants in Egypt with a combined production capacity of 500 MW, according to an IFC statement. The funding agreement “will be one of the largest private foreign direct investments in the country’s power sector in recent years,” the statement reads. The Investment Ministry had announcedthe funding package last week.