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Saudi ACWA Power invests $1.5 bln in Egypt wind power plant: Egypt cabinet

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Saudi ACWA Power has invested $1.5 billion in a wind power plant in Egypt, according to a statement from Egypt’s cabinet.

More renewable energy agreements were signed, as well as deals in involving petroleum products, food and fintech.

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Other deals involved the development of the multi-purpose terminal at Egypt’s Damietta port, the authority’s statement said, and the establishment of a $150 million “pharmaceutical city” by Egypt’s Pharco Pharmaceuticals in Saudi Arabia, the company’s chairman told Alsharq TV.

In March, Saudi Arabia deposited $5 billion in the Egypt’s central bank and the Egyptian government has said that cooperation with the Saudi sovereign wealth fund will result in $10 billion in investments.

The Saudi-based ITFC has provided Egypt with $3 billion in new financing for commodity imports, its CEO told Reuters last week.

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