Germany’s IFE grants over $2mln for solar thermal collectors facility in Egypt

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The Facility Investing for Employment (IFE), an investment facility created by Germany’s KfW Development Bank (KfW), signed a €2.7 million grant agreement with Creative Power Solutions AG company to build a €5.4 million solar thermal collector factory in Egypt, according to an email statement on December 18th.

The project aims to help Egypt achieve decarbonization goals in the industrial and power generation sectors.

The project will introduce and localize the manufacturing technology of solar thermal collectors in Egypt.

“Through the Green Economy call, IFE is keen not only to create job opportunities but also support immense efforts towards achieving the country’s energy supply objectives,” the Managing Director of IFE, Rauf Khalaf, commented.

“With the total investment cost of €5.4 million, local production of the manufacturing facility will enable knowledge transfer while boosting renewable energy deployment and creating jobs across various industry sectors,” CEO of CPS, Majed Toqan, said.

It is worth noting that IFE is an investment mechanism created by the KfW Development Bank on behalf of the German Federal Ministry for Economic Co-operation and Development (BMZ).