Egypt: WB gives $28m for renewable energy

  1. Posted on Wednesday 10 June 2009 - 13:09
    Addou
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    Merieme Addou, AfricaNews reporter in Rabat, Morocco
    The World Bank is set to give Egypt around $28 million soft loan to finance three renewable energy projects. The country's electricity and energy minister said. The projects include a 200 megawatt capacity wind power plant and a network to bring power onshore from wind farms in the Gulf of Suez.
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    Egypt, which is also a gas and oil producer, has been developing wind power along its Red Sea coast in the east of the country.

    Meanwhile Egyptian company El Sewedy, in conjunction with Germany’s SIAG, has begun construction of wind towers along the coast and is also manufacturing supplies locally to enable easier access to material inputs for the exploitation of Egypt’s wind energy potential.

    In addition to meeting the government goal of generating 20% of Egypt’s energy needs from renewable resources by 2020, the authorities have said they will soon seek bids for a private wind farm. The project developer would be required to design, finance, construct, own and operate the power plant, and would sell the power produced during the period of 20- 25 years to the Egyptian Electricity Transmission Company.

    Egypt’s greenhouse gas emissions have been among the fastest growing in the world, however the country plans to reverse that trend and plans to reduce harmful gas emissions by 30 per cent by the year 2020 by establishing the Clean Technology Fund, which is aimed at scaling up low-carbon technologies and energy efficiency.

    The world bank loan in addition of financing funds from the African Development Bank as well as the private sector and other sources will enable the country plans to spur wind power development and introduce clean transport option.

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