15 June 2010: The World Bank approved a US$220 million loan to support wind power development in Egypt, of which US$150 million is to be financed from the Clean Technology Fund (CTF).
The project will support the renewable energy strategy of Egypt that plans to have 20% of its installed generation capacity in the form of renewables by 2020. It aims to develop infrastructure and business models for scaling-up wind power in Egypt. the project comprises transmission infrastructure development and support for the construction of the first 250 MW wind project in the Gulf of Suez and Gabel El-Zait. The project will connect the future wind parks at Gulf of Suez and Gabel El-Zait to the national network. [World Bank Press Release]