Egypt will obtain $170 million loan from the ADB to implement wind energy project, the press service of the bank said.
Overall, the construction of a wind farm along the Gulf of Suez will cost $1.1 billion. Along with the ADB, a consortium of Development Finance Institutions will also subsidize the project.
"The Suez Wind Project is a landmark development that underscores Egypt’s leadership in renewable energy and the Bank’s steadfast commitment to supporting transformative, clean energy projects across the continent," Kevin Kariuki, Vice President for Power, Energy, Climate, and Green Growth at the African Development Bank, said, as quoted by the press service of the ADB.
Kariuki added that the project will not only develop Egyptian government's efforts to achieve 42% of renewable energy in its energy mix by 2030 but also will "drive local economic growth and strengthens regional energy security."