Aswan’s Benban Solar Park, set to be largest in the world upon completion, is scheduled to operate at full capacity during the current year, in a bid to raise Egypt’s use of renewable energy to 22% of all domestically produced energy by 2020, Invest-Gate reports.

Newly-appointed World Bank (WB) Group President David Malpass said during his trip to Aswan on May 5 that the 1.8-gigawatt solar power field, which has so far drawn over USD 2 bn worth of investments, demonstrates Egypt’s commitment to supporting the private sector, according to a recent statement by the investment ministry.

Malpass’ visit was in the company of Minister of Investment and International Cooperation Sahar Nasr, Minister of Social Solidarity Ghada Wali, and other WB officials.

“The reforms in energy made by Egypt have opened a door for strong investments by the private sector,” Malpass said during his first visit to Egypt as head of the WB Group, adding, “The key is creating a level playing field for the private sector.”

The WB’s International Financial Corporation (IFC) has so far extended USD 653 mn in funding for the implementation of Benban Solar Park. The European Bank for Reconstruction and Development (EBRD) is also financing 16 projects within the site as part of its USD 500 mn framework for financing renewable energy in Egypt.

It is worth noting that the 37-square-kilometer project was recognized last March by the WB Group as one of the top initiatives it has taken part in during 2019, marking the first time Egypt wins such an award.