- The International Finance Corporation (IFC) has provided a US$150 million loan to Egypt’s ELSEWEDY ELECTRIC S.A.E to support in the expansion, modernization, and enhancement of their sustainable manufacturing operations, and to increase access to renewable energy in several countries across Africa. ELSEWEDY ELECTRIC S.A.E is an Egyptian leader in integrated energy, infrastructure, and digital solutions that are reliable, sustainable, and green.
The IFC’s US$150 million loan, alongside First Abu Dhabi Bank and Europe Arab Bank as participants, will support ELSEWEDY ELECTRIC S.A.E finance new solar energy facilities in Africa, improve its energy efficiencies at existing manufacturing facilities, and build and acquire new plants globally, as and when needed, to increase the competitive edge of ELSEWEDY ELECTRIC S.A.E on a global scale.
Supporting projects and South-South investments by companies that deliver energy solutions is a major part of IFC’s strategy in Africa, where access to power remains limited.
“We welcome the opportunity to work collaboratively with IFC to make a significant impact on sustainable infrastructure development for everyone. We are supporting our customers in addressing the transition to a low-carbon economy through our renewable projects and energy-efficient products, and we are looking forward to further aligning our activities to the global Sustainable Development Goals. This announcement demonstrates our commitment towards our robust expansion and growth plans which meet our strategic vision and goals. Doing this in accordance with IFC standards and guidelines will serve as a benchmark for other regional and international players” said Ahmed El Sewedy, ELSEWEDY ELECTRIC S.A.E President and Chief Executive Officer.
Author: Bryan Groenendaal
