{"id":325766,"date":"2022-07-03T11:26:28","date_gmt":"2022-07-03T11:26:28","guid":{"rendered":"https:\/\/egy-africa.com\/en\/?p=325766"},"modified":"2022-07-03T11:26:28","modified_gmt":"2022-07-03T11:26:28","slug":"ifc-provides-150m-elsewedy-electric-to-develop-solar-energy-projects","status":"publish","type":"post","link":"https:\/\/egy-africa.com\/en\/2022\/07\/03\/ifc-provides-150m-elsewedy-electric-to-develop-solar-energy-projects\/","title":{"rendered":"IFC provides $150M ElSewedy Electric to develop solar energy projects"},"content":{"rendered":"

ElSewedy Electric announced that it has secured $150 million in financing from the International Finance Corporation (IFC).<\/p>\n

The company said in a statement to the Egyptian Exchange (EGX), Wednesday, that the loan will be allocated to develop a number of solar energy investment projects, periodic maintenance of assets, and approved improvement plans for manufacturing facilities.<\/p>\n

It added that part of the funding will be allocated to refinance previous concessions obtained by ElSewedy Electric, in order to support the company’s efforts to reduce carbon emissions.<\/p>\n

The company confirmed that the loan will give it the flexibility required to invest in a number of new projects, with part of it allocated to refinancing other projects.<\/p>\n

It indicated that it will obtain financing in the form of several tranches based on each stage, to be repaid over a period of 7 years.<\/p>\n

\u201cThe loan will support the company to achieve its expansion and growth plans, in line with both Egypt\u2019s and the IFC\u2019s strategies to support sustainable and clean energy projects and coincides with the country\u2019s preparations for hosting the COP27 summit. This will contribute to further mobilizing Egypt’s efforts to promote and actualize sustainable development locally and globally,\u201d CEO of ElSewedy Electric, Ahmed ElSewedy, stated.<\/p>\n

ElSewedy Electric achieved a net profit of LE 828.2 million during the period from January to the end of March 2022, compared to profits of LE 769.49 million during the first quarter of 2021, taking into account minority rights.<\/p>\n","protected":false},"excerpt":{"rendered":"

ElSewedy Electric announced that it has secured $150 million in financing from the International Finance Corporation (IFC).<\/p>\n","protected":false},"author":2,"featured_media":321098,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22,33],"tags":[254],"class_list":["post-325766","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-main","tag-el-sewedy-electric"],"yoast_head":"\nIFC provides $150M ElSewedy Electric to develop solar energy projects - egy-africa<\/title>\n<meta name=\"description\" content=\"ElSewedy Electric announced that it has secured $150 million in financing from the International Finance Corporation (IFC).\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/egy-africa.com\/en\/2022\/07\/03\/ifc-provides-150m-elsewedy-electric-to-develop-solar-energy-projects\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IFC provides $150M ElSewedy Electric to develop solar energy projects - 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