Egypt’s investment ministry reported that the WB group chief David Malbas visited the solar park in Aswan ”Benban solar field” in company of Investment Minister Sahar Nasr, Social Solidarity Minister Ghada Wali and other WB officials.
WB Group Chief Visit Benban Solar Field in Aswan
During his 1st visit to Egypt as head of the group, Malbas explained that the reforms in energy made by Egypt have opened a door for strong investments by the private sector.
Benban solar field in Aswan, set to be largest in the world upon completion at 1.8 GW total capacity, is set to operate at full capacity in 2019.
The project was granted the best project award by the WB group last March, the first time Egypt won such an award.
Benban Solar Field in Aswan
Noteworthy, the European Bank for Reconstruction and Development is also providing financing for 16 projects in Benban as part of its $500 million framework for financing renewable energy in Egypt.
Meanwhile, Egypt aims to increase its use of renewable energy to 22 % of all domestically produced energy by 2020 and up to 42 % by 2035.