RENEWABLES-

Voltalia plans to invest USD 250 mn to develop its 3.2 GW renewables Suez project with Taqa Arabia, Karim Elazzawy, the French renewables firm managing director for Egypt and Jordan, told Asharq Business. The project to repower the existing 545 MW Zafarana wind farm with 1.1 GW of wind and 2.1 GW of solar power is expected to cost more than USD 2 bn. The project’s developers will contribute around a quarter of the needed capital, with the remainder coming from international development finance institutions, Elazzawy said.

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REMEMBER- Voltalia and Taqa Arabia signed a MoU with the Egyptian Electricity Transmission Company and the New and Renewable Energy Authority late last year to repower the renewables station. The project is expected to be Egypt’s first fully integrated wind-solar power station, optimizing land use and reducing costs compared to conventional single-technology stations.

MANUFACTURING-

India’s BMEC Imaging will establish a USD 4.5 mn medical manufacturing and remanufacturing facility in Egypt, according to a statement. The BMEC Imaging Egypt project will manufacture and refurbish X-ray, dialysis, and MRI machines, in addition to other high-tech pieces of medical technology.

BANKING-

Bank NXT to help Social Housing Fund expand mortgage financing: The Social Housing and Mortgage Finance Fund signed a cooperation protocol with Bank NXT to expand mortgage financing for low and middle income housing, increasing the cap to EGP 2 bn from EGP 800 mn, according to a statement (pdf). The fund will also roll out an upgraded digital platform to streamline applications, after receiving over 2.1 mn requests for housing units under its programs.

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