Up to $210 million in USD has been allotted to an Egyptian renewable energy project in debt financing by the Asian Infrastructure Investment Bank.
The funding will be distributed among 11 solar power plants, which, according to GBTimes, will allow the country to “reduce its dependency on gas and fuel in terms of electricity generation, cut greenhouse gas emissions by more than half a million tonnes of CO2 per year, and help [Egypt] meet its commitments to the Paris climate agreement.”
The solar plants will generate 490 megawatts of power.
Per an article published by CNBC, the Asian Infrastructure Investment Bank’s Vice President and CIO, D.J. Pandian, stated that “investing in clean, renewable energy is a big part of our strategy to promote a sustainable and low-carbon future for Asia.”