Cairo – The International Finance Corporation (IFC) has made an investment in Egypt’s Elsewedy Electric Company to expand, upgrade, and enhance sustainable manufacturing operations while having further access to renewable energy in several African countries.
Besides First Abu Dhabi Bank (FAB) and Europe Arab Bank being participants, IFC's $150 million loan aims to endorse Elsewedy Electric in financing new solar energy facilities across Africa while improving energy efficiency in existing facilities, according to a press release.
President and CEO of Elsewedy Electric, Ahmed El-Sewedy, said: "We welcome the opportunity to work collaboratively with IFC to make a significant impact on sustainable infrastructure development for everyone.”
He added: “We are supporting our customers in addressing the transition to a low-carbon economy through our renewable projects and energy-efficient products, and we are looking forward to further aligning our activities to the global Sustainable Development Goals.”
IFC's investment is projected to help the Egyptian company to reduce greenhouse gas emissions by over 60,000 tonnes of carbon dioxide annually through solar plants.
It is worth noting that IFC has invested $1 billion in climate projects in Egypt since 2016.
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