The World Bank (WB) has picked Aswan-based Benban solar power park for an annual award as the world’s top project, Invest-Gate reports.

The project reflects the comprehensive strategic partnership between the government and the bank, which includes supporting the country’s reform program and the government’s plans for promoting the private sector role in achieving inclusive sustainable development, Minister of Investment and International Cooperation Sahar Nasr said in an official statement on March 21.

On the sidelines of a celebration held for this occasion at the bank’s headquarters in Washington DC, Interim President of WB Group Kristalina Georgieva praised the Egyptian project and the rapid pace of its implementation, which targets to make a significant leap in increasing Egypt’s dependence on renewable energy and diversifying its sources of energy.

WB’s International Finance Corporation (IFC) has so far allocated USD 653 mn for the 1,600-gigawatt solar power project out of its USD 2 bn total cost.

The WB contributes to supporting Egypt’s energy sector with USD 1.1 bn finance, including wind power development project with USD 7.219 mn, Helwan South Power project with USD 4.585 mn, and Household Natural Gas Connection project with USD 300 mn.