Orascom Construction Industries (OCI) is about to secure a loan worth up to EGP 800 million ($90 million) from OPEC Fund for International Development (OFID) and the European Bank for Reconstruction and Development (EBRD), according to Al Mal News.
The loan procedure and grant are expected to be finalized by August and will fund OCI’s construction of a 50 megawatt solar power plant.
The loan will cover 75 percent of construction cost of the energy station, and OCI will finance the remaining 25 percent.
Egypt has received about EGP 8.4 billion, ($950 million) in loans across various sectors, including electricity and health, from OFID, said Khaled Ahmed, fund representative, to Daily News Egypt earlier this year.
OFID is a development fund institution that finances economic development projects pertaining to public and private sectors.