Egypt’s biggest investment bank EFG Hermes will provide $40 million for the development of a utility scale wind project in Jordan.
“Renewable and alternative energy projects are a critical part of the Arab world’s future energy security,” Karim Moussa, co-head of private equity at EFG Hermes and member of InfraMed’s Investment Committee told local news serviceAl Ahram.
EFG Hermes’ investment outside of Egypt could signal a troubling outlook for the North African country’s renewable energy sector. Recently Egypt lost its crown of housing the largest wind project in the continent, surpassed by Ethiopia’s Ashegoda wind farm. Earlier in November, the Minister of Electricity and Energy Ahmed Imam said that the ministry was considering constructing four wind farms with a production capacity of 405 MW. Established in the Red Sea area, the ministry planned to work with Japan, Denmark, Spain, and Germany.
Egypt’s largest investment bank funding wind projects outside the North African country could indicate that political instability continues to mar investment within Egypt.
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