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African Development Bank Group (AfDB)
Source: African Development Bank Group (AfDB) |

African Development Bank, British International Investment and European Bank of Reconstruction and Development support pioneering solar and battery storage project in Egypt with $476 million loan

The project’s blended financing of $475.6 million corresponds to approximately 80 per cent of the total estimated capital expenditure of $590 million

Egypt's first integrated solar and battery storage plant will deliver dispatchable clean energy, enhance grid stability, and manage peak demand.  It is expected to generate approximately 3,000 GWh of clean energy and avoid up to 1.4 million tons of emissions annually, supporting Egypt’s decarbonisation goals. The African Development Bank (www.AfDB.org),…

African Development Bank Group (AfDB)
Source: African Development Bank Group (AfDB) |

Egypt: African Development Bank to provide $184.1 million for Africa’s largest solar energy and battery storage project

Financing will be sourced from two specialized Bank Group funds and the Climate Investment Funds' Clean Technology Fund

The Board of Directors of the African Development Bank Group (www.AfDB.org) has approved a financing package of up to $184.1 million to support the development of the Obelisk 1-gigawatt solar photovoltaic project and 200MWh battery energy storage system in Egypt, which will be Africa’s largest solar power plant. Located in…

African Development Bank Group (AfDB)

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    • The project involves the design, construction, operation, and maintenance of a greenfield wind farm divided into two sites, located along the Gulf of Suez
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Source: African Development Bank Group (AfDB) |

Egypt: African Development Bank Approves $170 Million for Egypt’s Largest Wind Energy Project

The Bank’s financing is in addition to financing expected from a consortium of Development Finance Institutions (DFIs), banks, and financial institutions

The Board of Directors of the African Development Bank (www.AfDB.org) has approved a loan of up to $170 million to support the development of the game-changing 1.1 GW Suez Wind Project, currently Egypt’s largest wind energy initiative. The total project cost is estimated at $1.1 billion. The Bank’s financing is in…

African Development Bank Group (AfDB)

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    • Stakeholders and partners at the launch of the Africa Urban Sanitation Investment Initiative at 2024 World Water Week in Stockholm, Sweden
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Source: African Development Bank Group (AfDB) |

African Water Facility Secures 12 Million Euros to Invest in Urban Sanitation in Africa

Over the next ten years, the African Water Facility, through the Africa Urban Sanitation Investment Initiative, aims to mobilise $320 million to support 50 sanitation projects

The African Water Facility has secured 12 million euros from the Nordic Development Fund for a new funding initiative to support African governments, utilities, the private sector, and other stakeholders to expand access to safe and sustainable sanitation in African cities. The Africa Urban Sanitation Investment Initiative (AUSII) was launched…

African Development Bank Group (AfDB)

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    • Singrobo-Ahouaty hydropower plant. Photo courtesy Neo Themis
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Source: African Development Bank Group (AfDB) |

African Development Bank funded energy projects in Egypt and Cote D’Ivoire win top infrastructure and energy accolades at the IJ Global Awards

The Singrobo hydropower was the first hydropower IPP, and private sector-funded climate action investment to reach financial close in West Africa in December 2022

Two African Development Bank (www.AfDB.org)-supported projects have won awards at the IJ global awards held in London, United Kingdom. The Singrobo hydropower plant in Ivory Coast, in which the Bank played the Mandated Lead Arranger role won the Power Deal of the Year award, while the Kom Ombo Solar plant,…

African Development Bank Group (AfDB)

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    • Click here for a video of Egyptian Vice Minister of Finance Ahmed Kouchouk's reaction to receiving an award for the Panda Bond issue
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    • AfDB staff joined representatives of the Ivorian government and lending institutions in Cape Town to collect an award for a Bank Group-supported project in Cote D’Ivoire
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Source: African Development Bank Group (AfDB) |

African Development Bank-Supported Projects in Egypt and Côte d'Ivoire Win Top Honors at 2024 Bonds, Loans & ESG Capital Markets Africa Awards

The conference recognises the most innovative, ground-breaking deals from across Africa based on their high-quality execution, effectiveness in tapping new pools of liquidity, and innovative structuring

Two African Development Bank-supported (www.AfDB.org) projects have been recognized at the 2024 Bonds, Loans & ESG Capital Markets Africa Awards (https://apo-opa.co/48Ob1Lf) conference. A RMB3.5bn ($478.7 million) Sustainability Panda Bond issue by Egypt was awarded Sovereign, Supra & Agency Bond Deal of the Year and a €533m Sustainable Loan to Côte d'Ivoire…

African Development Bank Group (AfDB)
Source: African Development Bank Group (AfDB) |

Egypt: African Development Bank supports Commercial International Bank with $148 million to prop up small and medium-sized enterprises (SMEs) and trade

The financial package to CIB comes amid a shortage of foreign currency in Egypt due to complex endogenous and exogenous macro-economic and geopolitical factors

Finance Programme name: Financial package to Commercial International Bank of Egypt (CIB) Instruments and amounts: -  $10 million Line of credit with a tenor of 10 years, -  $90 million subordinated loan with a tenor of 10 years, -  $32 million trade finance line of credit with a tenor of 3.5 years -  $16…

African Development Bank Group (AfDB)
Source: African Development Bank Group (AfDB) |

Egypt: African Development Bank approves $131 million to promote private sector development and economic diversification

The program supports the Egyptian government’s efforts through a robust public reform matrix to facilitate increased private sector development

Finance Programme name: Private Sector Development and Economic Diversification Support Program – Phase I (PSD-EDSP I) Total amount: US$131 million Background Confronted with significant external shocks in the last few years, Egypt has made substantial efforts to mitigate the impacts of the COVID-19 pandemic and Russia’s invasion of Ukraine on…

African Development Bank Group (AfDB)
Source: African Development Bank Group (AfDB) |

Egypt issues Africa’s first Sustainable Panda Bond worth 3.5 billion RMB backed by African Development Bank and Asian Infrastructure Investment Bank

Egypt will use the bond proceeds for inclusive growth and green objectives under its Sovereign Sustainable Financing Framework

Egypt has successfully issued a 3-year Sustainability Panda Bond worth RMB 3.5 billion ($478.7 million). The North African nation is the first on the continent to do so, a move that underscores its commitment to access previously untapped sources of capital to drive economic growth. The African Development Bank and the…

African Development Bank Group (AfDB)

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    • African Development Bank (AfDB), European Bank for Reconstruction and Development (EBRD) announce joint task force to build entrepreneurship and jobs creation in Egypt, Morocco, and Tunisia
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Source: African Development Bank Group (AfDB) |

African Development Bank (AfDB), European Bank for Reconstruction and Development (EBRD) announce joint task force to build entrepreneurship and jobs creation in Egypt, Morocco, and Tunisia

The official launch of the taskforce took place on Thursday, 21 September 2023 during a workshop in Tunis, at the North Africa Regional Office of the African Development Bank

The African Development Bank Group (www.AfDB.org) and the European Bank for Reconstruction and Development (EBRD) on Thursday announced the setting up of a joint taskforce to foster entrepreneurship to catalyse jobs creation and growth in Egypt, Morocco, and Tunisia. The official launch of the taskforce took place on Thursday, 21 September…