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Tag: World Bank
Scatec Benban

Scatec Solar secures guarantees with MIGA for Benban Project in Egypt

Posted: April 5, 2020 at 1:55 pm   /   Renewables

Scatec Solar has secured guarantees with the Multilateral Investment Guarantee Agency (MIGA) covering its equity investments in the Benban project, the company said in a statement. The guarantees cover 90% of investments by Scatec Solar for up to 15 years against the risks that it will be unable to legally convert EGP into hard currency […]

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Egypt’s renewable energy framework one of fastest-improving globally

Posted: January 3, 2019 at 1:27 pm   /   Renewables

Egypt among fastest-improving countries in developing renewable energy regulatory framework, says the World Bank. Egypt is one of the three fastest-improving countries in terms of regulatory frameworks for renewable energy between 2010 and 2017, according to the World Bank’s Regulatory Indicators for Sustainable Energy (RISE) 2018 report. Egypt’s total RISE score — which assesses regulation […]

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Egypt joins World Bank's “Zero Routine Flaring by 2030” initiative

Posted: December 10, 2017 at 7:40 pm   /   Oil & Gas

* Egypt joins global initiative to end routine gas flaring. * Announcement at EBRD event in Cairo that discusses roadmap to achieve ambitious target. Egypt announced today that it will be a signatory to the “Zero Routine Flaring by 2030” initiative, a global effort to reduce gas flaring at oil production sites. The endorsement was […]

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A New Solar Park Shines a Light on Egypt’s Energy Potential

Posted: October 31, 2017 at 4:57 pm   /   Renewables

This story is part of a series on IFC’s work to help create markets that give new opportunities to people in developing countries. These innovative approaches have helped solve some of the largest problems in countries or, sometimes, entire regions. By Andrew Raven, IFC Communications Few places are as barren as Egypt’s Western Desert. Save […]

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Egypt signs $653 million funding deal with IFC for Benban solar park

Posted: October 30, 2017 at 11:54 pm   /   Renewables

IFC-Led Consortium Invests $653 Million to Support the World’s Largest Solar Park in Egypt. IFC, a member of the World Bank Group, today finalized a landmark $653 million debt package that will finance the construction of 13 solar power plants near the Egyptian city of Aswan. The plants will be part of the larger Benban […]

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IFC pledges $100 million to oil and gas projects in Egypt

Posted: August 30, 2017 at 12:27 pm   /   Oil & Gas

The International Finance Corporation has pledged USD 100 mn to oil and gas projects being carried out by major global firms in Egypt, an Investment and International Cooperation Ministry statement says (pdf). This comes as the World Bank Group’s executive board agreed to help fund projects worth a combined USD 500 mn in Egypt’s oil […]

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Logic Management Consulting awarded contract to advise on Egypt's new natural gas market regulator

Posted: August 15, 2017 at 9:38 pm   /   Oil & Gas

Logic Management Consulting has been tapped to advise on the set up of Egypt’s new natural gas market regulator, CEO Mohamed El Sherif told Al Borsa on Monday. Under the newly-issued Natural Gas Act, which liberalized the industry, the state plans to establish a new market regulator that would have a say in pricing gas, […]

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El Molla: Egypt “might” use World Bank loan to pay its dues to international oil companies

Posted: April 11, 2017 at 1:45 pm   /   Oil & Gas

Egyptian Minister of Petroleum, Tarek El Molla, announced yesterday that Egypt “might” use part of its World Bank loan to repay its arrears to international oil companies. It has been suggested on Saturday the payment will be substantially less than promised. (Source:

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McKinsey & Co. to advise Egyptian government on EGPC restructuring

Posted: April 5, 2017 at 1:17 pm   /   Oil & Gas

McKinsey & Company has been tapped to advise the government on the restructuring of the EGPC and its subsidiaries, beating out Ernst & Young, Navigant, and a PwC and Logic Consultancy partnership, sources told Al Borsa on Tuesday. It will take a year to put together the restructuring plan, which will be funded by the […]

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UAE's Dana Gas freezes Egypt investments over debts

Posted: February 11, 2017 at 2:33 pm   /   Oil & Gas

Dana Gas will not make new investments in Egypt because of delays in obtaining payments owed to it there, the chief executive of the United Arab Emirates company said. Political and economic turbulence in Egypt and Iraqi Kurdistan mean Dana Gas has struggled to secure revenues in either country, once again hitting its profit on […]

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