KarmSolar has signed a EGP 230 mn loan agreement with Banque Misr to build 24 MW solar power plants, CEO Ahmed Zahran told the local press. Zahran did not say how many plants the company will establish with the money. KarmSolar is also in talks with five local and international banks for a EGP 1 bn loan to finance additional plants, Zahran said separately. The banks include International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD), Zahran said, adding that he wants to secure the loan before the end of the year.

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