Cairo, Egypt – Commercial International Bank (CIB), Egypt’s leading private sector bank, has contributed to the financing of Amunet Wind Power Company’s (AWPC) 500-megawatt (MW) wind farm on the shores of the Red Sea. This comes in light of the United Nation’s recent Climate Change Conference (COP27) and Egypt’s strategy to expand its renewable energy sources, and in line with the government’s launch of the Nexus of Water, Food and Energy (NWFE) program. The project construction is expected to start in December 2022 and is expected to last for 30 months.
In its capacity as the working capital bank, onshore security agent and onshore account bank, CIB is working alongside a consortium of international institutions, including Japan Bank for International Cooperation (JBIC), International Finance Corporation (IFC), as well as Standard Chartered Bank, Sumitomo Mitsui Banking Corporation and Sumitomo Mitsui Trust Bank, participating under the Nippon Export and Investment Insurance (NEXI) cover.
The 500MW wind farm, 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.
CIB’s extensive experience in the renewable energy sector, coupled with its participation in such a pivotal project, honors its commitment to remain at the forefront of sustainable change, and highlights its unwavering efforts to actively promote its environmental, social and governance (ESG) financing.