Global Arab Network | Renewable energy in Egypt - World Bank offers 0 million to support wind farms

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Renewable energy in Egypt - World Bank offers $220 million to support wind farms

Global Arab Network - - Mohammed Almasri

Saturday, 22 May 2010 21:14

The Egyptian electricity and energy sector has received a $220 million loan from the World Bank to carry out a project aimed at transmitting power produced by wind farms at Gabal El-Zeit area to the Egyptian electricity grid.

In statements on Friday 21/5/2010, Egyptian Minister of Electricity and Energy Hassan Younis said that the initial loan agreement, which was signed by the Egyptian Electricity Transmission Company, aims at financing a double-circuit transmission line between Samalut station in Minya governorate and Gabal El-Zeit.

Under the deal, the Samalut station will be expanded by establishing a new transformer at 220/500 kilovolts, according to Younis.

It is worth mentioning that World Bank Group has scaled up its support to Egypt over the recent period, with a comprehensive program of activities by IBRD, IFC, and MIGA. This effort is geared towards supporting the implementation of the ongoing reform program in a rapidly-growing Middle Income Country.

The current IBRD portfolio includes 17 ongoing projects (commitment value of about $2.7 billion of which $2.3 billion still to be disbursed). The sectoral distribution of these projects (by value) is as follows: infrastructure (60%); financial sector (23%); agriculture (12%); and social sectors (5%). Projects approved since the beginning of FY10 include:

· Affordable Mortgage Development Policy Loan ($300 million): The main developmental objective of the project is to build a stronger link between the housing subsidies program and mortgage loans for low and middle income housing, improving market efficiency, transparency, and social targeting.

· Health Insurance Systems Development ($75 million): The main development objective of this project is to contribute to the financially sustainable expansion of health insurance coverage through the adoption of a proven business model for social health insurance (SHI) operations and management by the single national payor organization of the SHI system.

· National Drainage II Additional Finance ($30 million): The additional financing objectives are: (a) to increase the efficiency of drainage of an additional 0.09 million feddans of irrigated land to bring the total area improved under the project to about 1.0 million feddan; (b) to increase agricultural production and improve rural income; and (c) to identify and oversee the resolution of environmental issues resulting from the discharge into the open drains of untreated industrial and domestic waste water in the project area.

· Cairo Airports Development Project ($280 million): The objectives of the Project are to assist the Government of Egypt (GOE) to (i) enhance the quality of airport services through an increase in the capacity of Cairo International Airport (CAI), and (ii) strengthen air transport in Egypt.

· Enhancing Access to Finance for Small and Medium Enterprises ($300 million): The project's development objective is to contribute to increased access to finance for micro and small enterprises on a sustainable and commercial basis, thus promoting growth, job creation, and an inclusive financial system, as well as ease the impact of the global economic crisis on micro and small enterprises.

Global Arab Network

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