CIB supports Egypt’s renewable energy transition
According to Daily News, the Commercial International Bank (CIB) announced contributed to the financing of Amunet Wind Power Company’s (AWPC) 500 MW wind farm on the shores of the Red Sea.
This comes in light of the recently concluded UN Conference of Parties on Climate Change (COP27) and Egypt’s strategy to expand renewable energy sources in line with the government’s Nexus of Water, Food, and Energy (NWFE) program. The project’s construction is expected to start in December 2022 and last for 30 months.
As the working capital bank, onshore security agent, and onshore account bank, CIB collaborates with a group of international institutions that includes the Japan Bank for International Cooperation (JBIC), the International Finance Corporation (IFC), Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation and Sumitomo Mitsui Trust Bank, all of which are covered by the Nippon Export and Investment Insurance (NEXI).
The 500 MW wind farm — which is being developed by Dubai-based renewable energy company AMEA Power in partnership with Sumitomo Corporation — will be the largest clean energy plant in Egypt and Africa. The project, which aims to reduce the country’s carbon footprint and accelerate its transition to renewable energy, will serve thousands of Egyptians.
The CIB’s extensive experience in the renewable energy sector, combined with its participation in such a critical project, demonstrates the bank’s commitment to remaining at the forefront of sustainable change and highlighting its unwavering efforts to actively promote its environmental, social, and governance financing.