International Finance Corp. (IFC) announced a loan of 150 million dollars to the Egyptian Elsewedy Electric, part of the credit to be used to finance solar production capacity in Africa.

The IFC, the private arm of the World Bank, mentioned the involvement of other lenders First Abu Dhabi Bank (Fab) and Europe Arab Bank in the financing package. The multilateral organization would not disclose photo magazine if Fab and Europe Arab Bank will provide part of the $150 million loan.

The IFC said Elsewedy will use the funds to build African solar projects, to improve the energy efficiency of its manufacturing operations and to acquire other industrial plants if the opportunity arises.

“This announcement demonstrates our commitment to our strong expansion and growth plans,” said Elsewedy CEO Ahmed Elsewedy.

photo magazine contacted Elsewedy Electric to ask how much of the funds will go to solar projects and how much generation capacity will be installed.

This copy was amended on 7/4/22 to include IFC’s response to photo magazine‘s question about the structure of the loan.

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