The BoD of IFC, a member of the World Bank Group, gives a nod to new investments in the power sector in Egypt, Invest-Gate reports.

New investments worth USD 635 mn will be pumped to help construct, operate, and maintain the world’s largest solar photovoltaic generation park, which is made up of 11 solar power plants, with a combined capacity of 500 megawatts.

Located in Benban near Aswan, the USD 730 mn project, as part of Egypt’s solar Feed-In Tariff (FIT) program aims to mobilize private investment to harness Egypt’s vast solar resources.

Including projects financed by institutions like the European Bank for Reconstruction and Development, Egypt’s solar FIT program is expected to be one of the largest foreign direct investments (FDIs) in years, catalyzing a total inflow of USD 2 bn.