Construction of a 50 Megawatt Photovoltaic Power Station in the City of Kom Ombo, in the Arab Republic of Egypt
A loan Agreement for 26 KD Million was signed in Rabat on the 18th of April 2017 to help finance a project for the Construction of a 50 Megawatt Photovoltaic Power Station in the City of Kom Ombo, in the Arab Republic of Egypt.
The loan agreement was signed by H.E. Sahar Nasr, Minister of Investment and International Cooperation, on behalf of the Egyptian Government, and by H.E. Mr. Abdlatif Yousef Al-Hamad, Director General/ Chairman of the Board of Directions, on behalf of the Arab Fund.
The project aims at satisfying the increasing demand for electricity in the Arab Republic of Egypt by constructing a 50 Megawatt photovoltaic (PV) power station near the city of Kom Ombo in the governorate of Aswan, in order to benefit from the high level of annual global horizontal irradiation in the projectís location.
The project includes the following main components:
The loan will carry interest at 2.5% per annum, and will be repayable over 30 years, including a 4 year grace period.
The New Renewable Energy Authority will be the beneficiary of the loan.
With the signing of the loan, the Arab Fundís total contribution to financing projects in the Arab Republic of Egypt now amounts to KD 1,463 Million.