IFC backs Egyptian renewablesPublished by: Andrew Mizner at 14/07/2022A major Egyptian energy company has funding for solar projects, thanks to support from the international...A major Egyptian energy company has funding for solar projects, thanks to support from the international community, on a deal which involved legal advice from Egypt and abroad. International Finance Corporation (IFC), the World Bank’s development finance institution (DFI) has provided a USD 150 million loan to Egyptian energy company Elsewedy Electric to fund renewable energy projects. Partners Ahmed Haggag and associate Raghda El Qabbage from Egyptian law firm Sharkawy & Sarhan advised IFC on the deal, along with London-headquartered international firm Allen & Overy. In a statement, Elsewedy president and chief executive Ahmed El Sewedy said: “The loan will support the company in achieving its expansion and growth plan. The fund comes in line with both Egypt’s and the IFC’s strategies to support sustainable and clean energy projects, and the country’s preparation for hosting […] the COP27 summit.

Source: The North Africa Journal July 14, 2022 19:38 UTC