The Clean Technology Fund (CTF) announced that it would approve financing of $750 million in order to mobilize an additional $4.85 billion from other sources by investing in CSP programs in five countries in the MENA region: Algeria, Egypt, Jordan, Morocco, and Tunisia. The plan will support the deployment of about 1 GW of CSP generation capacity that would triple the world’s CSP capacity. It will also allow public and private investments to be leveraged for the sector while supporting MENA countries’ efforts to achieve their development goals of energy security and industrial growth.
Shamshad Akhtar, World Bank Regional Vice President of the Middle East and North Africa, said:
“This is a most strategic and significant initiative for MENA countries. The initiative would leverage energy diversification, while promoting Euro-Mediterranean integration to the benefit of MENA countries that will be able to exploit one of the major untapped sources of energy. This endeavor is far-reaching with global objectives, implications, and potential impact. It will facilitate faster and greater diffusion of this technology in this region which holds significant potential for CSP.”