- Elsewedy Electric is granting a $150 million loan to boost renewable energy development in Africa.
- The loan will be provided by First Abu Dhabi Bank and the IFC.
Elsewedy Electric, an Egypt’s-based developer, is set to provide a $150 million credit line to accelerate renewable energy in Africa. Three financial institutions are collaborating to provide this loan. They are the International Finance Corporation (IFC), the World Bank Group’s private sector financing arm, First Abu Dhabi Bank and Europe Arab Bank.
With this loan, Elsewedy Electric plans to strengthen its investment in Africa’s renewable energy. In addition to clean energy, the Egyptian flagship invests in several areas, including wire and cable, electrical products, engineering and construction, infrastructure and digital solutions. The company also plans to leverage its recent credit to improve the energy efficiency of its existing production facilities. Elsewedy also wants to build and acquire new plants worldwide, “as needed,” IFC says.
“As Egypt prepares to host COP27 later this year, the partnership between IFC and Elsewedy is another step toward expanding affordable renewable energy for consumers in Africa,” says Sérgio Pimenta, IFC’s vice president for Africa.