The European Investment Bank (EIB) has committed to a €115m ($123.6m) loan for a 200MW Gulf of Suez onshore wind farm in Egypt.

“The EIB is proud to finance the Gulf of Suez wind farm which contributes to environmental sustainability and climate change mitigation. The project is in line with the Bank’s objective to provide more finance to renewable energy projects,” said EIB’s Heinz Olbers.

The wind farm will also be financed by German state-owned investment bank KfW, which will provide a further €72m loan, Agence Française de Développement with €50m and the European Commission, which is supplying a grant of €30m for the project.

The