Egypt signed on Sunday agreements with the International Finance Corporation (IFC) and the World Bank Group to finance energy projects in the country.

The accords were inked by Investment and International Cooperation Minister Sahar Nasr and Electricity and Renewable Energy Mohamed Shaker with IFC Vice President of New Business Dimitris Tsitsiragos and World Bank Group Managing Director and Chief Administrative Officer Shaolin Yang.

Addressing a presser,Tsitsiragos said nine international banks have invested around $653 million in a solar energy project near Aswan in southern Egypt.

He estimated the IFC's sole share in the project at about $202 million, stressing the institution's commitment to cutting climate change and triggering numerous economic capabilities of Egypt.

Tsitsiragos termed the project as extraordinary as it reflects a vision adopted by the Egyptian government that contributes to opening new markets and luring several international investors and banks to invest in Egypt.

Thanks to the energy subsidy reform system, new investments have been turned from the public sector to the private domain, said the senior official, who hailed the implementation of the reforms amid other difficult steps including a decision to float the local currency.

He stressed that these reforms are fruitful.

The IFC has investments in 13 solar energy plants owned by the private-sector in Egypt, he said.

Source: MENA