International Finance Corporation (IFC) has granted US $150 million in financing to ElSewedy Electric. The loan will be primarily used to develop solar energy investment projects
International Finance Corporation (IFC) has granted US $150 million in financing to ElSewedy Electric. The loan will be primarily used to develop solar energy investment projects, periodic maintenance of assets, and approved improvement plans for manufacturing facilities.
A statement issued by the company said that part of the funding will be allocated to refinance previous concessions obtained by ElSewedy Electric and support its efforts to reduce carbon emissions. The IFC loan to be repaid over a period of 7 years is expected to give it the flexibility required to invest in several new projects, including refinancing other projects.
The loan is timely as Egypt is getting ready to host the COP27 summit in November 2022 and is in line with IFC’s objective of supporting sustainable and clean energy projects.
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