The World Bank’s Multilateral Investment Guarantee Agency (MIGA) approved providing guarantees worth USD 210 mn for feed-in-tariff projects in Benban, according to an Investment Ministry statement. The guarantees will go to six consortiums of local and international companies developing 11 solar power plants. This is the first such decision from MIGA in seven years, Minister Sahar Nasr noted. The project is co-financed by the European Bank for Reconstruction and Development and the International Finance Corporation, which is contributing USD 660 mn to the project. The news comes as the Africa50 Infrastructure Fund signed a joint development agreement last week with Scatec Solar and Norfund to invest USD 8 mn for Scatec’s 400 MW solar power plant in Benban, according to a press release from the fund.

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