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Arab Finance: The European Bank for Reconstruction and Development (EBRD) has approved a $275 million syndicated loan for a 1.1 GW wind farm project in the Gulf of Suez, developed by Saudi-based ACWA Power and Hassan Allam Utilities, as per a statement.
The wind farm is set to be the largest in both Africa and the Middle East.
Of the total loan amount, the EBRD is contributing $200 million, while the remaining $75 million will be split between Arab Bank, contributing $60 million, and Standard Chartered, contributing $15 million.
The $1.1 billion project has also secured financing from other sources, including a $170 million loan from the African Development Bank, a $40 million loan from the OPEC Fund for International Development, and additional contributions from British International Investment, Deutsche Investitions und Entwicklungsgesellschaft, and the Arab Petroleum Investments Corporation (APICORP).
