The Arab African International Bank (AAIB) has successfully contributed to financing the largest solar power project in Egypt and the Middle East in Benban, Aswan, becoming the largest solar power plant in the region with a target capacity of 1.8 GW.
According to Hassan Abdalla, executive director of the AAIB, Egypt is one of the richest countries in the world with renewable energy as it is located in the heart of the global solar belt.
The bank is keen to strengthen this competitive advantage by supporting investments and providing the necessary funding to raise the productive capacity of the energy sector in Egypt, allowing the continued and rapid implementation of development projects.
Abdalla stressed that the bank is keen to activate the sustainable financing approach, which achieves balanced growth and promotes economic and environmental development.
He added that the bank has collaborated with a number of local and international banking institutions to expand the scope of the project by providing the required financing for Infinity 50 for Renewable Energy company, in cooperation with the German Bayerische Landesbank, to implement a 50 MW power plant in Benban.
According to Abdalla, the project was developed in partnership between Infinity 50 and in cooperation with major German companies.
The Egyptian Electricity Transmission Company (EETC) approved the Infinity 50 project on 6 March 2017.
According to Abdalla, the AAIB has been involved in the granting of emergency facilities for the construction of six solar energy projects in the area of Benban, as part of the second phase of the feed-in tariff programme, and the capacity of these projects is 300 MW.
The bank has also been involved in the granting of facilities to Scatec Solar to develop, operate, and execute design, construction, and acquisition contracts for clean energy.
Abdalla stressed that the AAIB is continuing to pursue a sustainable financing policy and implementing its main principles in its banking transactions.
It is working to finance large economic projects that have a positive impact on the Egyptian economy and society, he said.