Egypt Receives World Bank Fund for Solar Project

10 October 2010 (Last Updated October 10th, 2010 18:30)

Egypt has obtained a $270m fund from the World Bank for the development of a solar power plant in the country. The Kom Ombo Solar Power Plant in southern Egypt will supply 100MW of power, according to Reuters. A $100m investment came from the Clean Technology Fund and World

Egypt has obtained a $270m fund from the World Bank for the development of a solar power plant in the country.

The Kom Ombo Solar Power Plant in southern Egypt will supply 100MW of power, according to Reuters.

A $100m investment came from the Clean Technology Fund and World Bank has lent $170 for the project.

In August, the country had also secured a $600m loan from the World Bank to help finance the North Giza Power Plant on the outskirts of Cairo.

Egypt, with a current capacity to generate 25,000MW, has suffered repeated outages this year and plans to spend $100bn-120bn to triple capacity by 2027.