Egypt has signed Wednesday a €345 million ($364 million) agreement with the European Union, KfW Development Bank, European Investment Bank, and the French Development Agency (AFD) to build a wind farm in Gulf of Suez. The plant will be at a capacity ranging between 200 and 250 megawatts to be implemented by the New and Renewable Energy Authority (NREA), an affiliate to the Egyptian Ministry of Electricity. As pursuant to the agreement, the EIB will contribute to the project with €115 million, the KfW with €72 million, the AFD with €50 million, and the EU with €30 million in addition to a €78 million contribution from the Egyptian government. Minister Nasr said the project is part of Egypt's national strategy to increase the capacity of electricity generated from renewable energy and achieve the target of 20 percent renewable energy from final energy consumption by 2020. The project comes within the framework of the EU development partners; KFW, AFD, EIB, and the European Commission to support of the Egyptian government's efforts towards the implementation of the renewable energy development strategy. Egypt's Minister of International Cooperation Sahar Nasr signed the agreement with Burkhard Hinz, Director of the KfW Cairo Office, as well as Marie-Hélène Loison, AFD Director of the Mediterranean and Middle East Department. She also signed the agreement with Christophe Lucet. Head of EIB Cairo office, and María Rica, Deputy Head of EIB Cairo Office, in addition to Diego Escalona, Head of Cooperation of the EU Delegation to Egypt.
