Japan’s JBIC invests over $1.26bln in Egyptian private sector

PHOTO

The Japan Bank for International Cooperation’s (JBIC) has invested over $1.26 billion so far in Egypt’s private sector, with the aim of implementing several projects in various fields, particularly renewable energy, according to a statement on May 1st.

JBIC supports the private sector in Egypt by co-financing the $281 million 500-megawatt Gulf of Suez wind farm project with Sumitomo Mitsui Banking Corporation, Minister of International Cooperation Rania Al-Mashat said during her meeting with Managing Executive Officer of JBIC Uchida Makoto.

In March, the Japanese financial institution signed an agreement with Egypt's Red Sea Wind Energy for building a 500-megawatt onshore wind farm in Ras Ghareb at a value of $240 million.

During Makoto’s visit in Cairo, JBIC has inked a memorandum of understanding (MoU) with the Egyptian government on strategic financial and economic cooperation as well as sustainable development within the framework of the Nexus of Water, Food, and Energy (NWFE) program.