IFC pledges USD 660 mn to major solar power project in Egypt: The International Finance Corporation’s executive board signed off last Thursday on a USD 660 mn funding agreement to help finance the USD 730 mn solar power complex in Benban, Aswan, an Investment and International Cooperation Ministry statement said on Thursday (pdf). The funding will go to six consortiums made up of local and international firms developing 11 solar array fields producing a total 500 MW of power. The European Bank for Reconstruction and Development and other international organizations had pledged close to USD 2 bn in financing for Benban’s solar projects.

On a related note, Egypt netted USD 7.8 bn in foreign direct investment in the first seven months of 2017, Investment Minister Sahar Nasr said on Thursday, according to AMAY.

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