- IFC announces a new credit line facility for Africa’s solar power development.
- The loan will be given to Egypt’s Elsewedy Electric.
The International Finance Corp (IFC) has disclosed a $150 million loan to Egypt’s Elsewedy Electric as a credit line to increase the solar power production capacity in Africa.
According to a report by PV magazine, IFC, a private-sector arm of the World Bank, noted that the involvement of First Abu Dhabi Bank (Fab) and Europe Arab Bank in the provision of the loan.
The multilateral lender said that Elsewedy will use the funds to construct African solar projects, improve the energy efficiency of its manufacturing operations, and acquire further industrial plants if the opportunity arises.
“This announcement demonstrates our commitment towards our robust expansion and growth plans,” said Elsewedy CEO Ahmed Elsewedy.