The European Investment Bank has taken a decisive step toward supporting Egypt’s renewable energy transformation by announcing $150 million in financing for the Obelisk solar photovoltaic project through its development arm EIB Global. The announcement coincided with the inauguration of the first phase of this landmark facility in Qena Governorate, marking a significant milestone for clean energy deployment across the African continent.

The ceremony, held in the Nagaa Hammadi area of Upper Egypt, drew high-level representation from both Egyptian and European leadership. Among those in attendance were Egyptian Prime Minister H.E. Dr. Mostafa Madbouly, EIB Global Director General Andrew McDowell, Deputy Prime Minister for Industrial Development and Minister of Transport and Industry Eng. Kamel El Wazir, Minister of Planning Economic Development and International Cooperation H.E. Dr. Rania A. Al Mashat, Minister of Electricity and Renewable Energy H.E. Dr. Mahmoud Esmat, Governor of Qena H.E. Dr. Khaled Abdel Halim, European Union Ambassador to Egypt Angelina Eichhorst, and Scatec CEO Terje Pilskog.

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