The Multilateral Investment Guarantee Agency (MIGA), affiliated to the World Bank (WB), approved the provision of guarantees worth USD 210 mn to a number of international companies working on the largest solar power project in Egypt, Invest-Gate reports.

To be located in Aswan, the project will be co-financed by WB’s International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD) with investments over USD 2 bn.

Under this project, six companies from global and Egyptian private sector will set up 11 solar farms in Aswan worth USD 730 mn and a capacity of 500 megawatt, according to Minister of Investment and International Cooperation Sahar Nasr.