According to bank documents, the objectives of the Project are to (i) increase Egypt’s generation capacity by exploiting its vast RE potential and help the country to meet its power demand; and (ii) reduce the dependence on gas and fuel for electricity generation and move to a more balanced and environmentally sustainable energy mix.
The Project cost is up to $70-75 USD million. The Bank is considering a senior loan of up to $17.5-19 USD million. The Project will be co-financed by IFC and other lenders for up to $41 USD million, and the balance will be covered by equity.
The Project is being developed by Delta for Renewable Energy S.A.E. (the Borrower), a special purpose vehicle owned by a joint venture between Alcazar Energy Partners (75%) and Nile Capital Holding for Financial Developments (25%), collectively, the Sponsors.
Asian Infrastructure Investment Bank (AIIB):
Ms. Carmen de Castro
Project Team Leader / Investment Operations Specialist
Company: Alcazar Energy
Point of Contact: Vito Saluto
Address: South Tower, 802-03, Emirates Financial Towers, DIFC - PO Box 507122, Dubai, UAE
Phone: M. +971 52 104 22 93 / T. +971 4 558 7805
General IFC Inquiries
2121 Pennsylvania Avenue, NW
Washington DC 20433
ACCOUNTABILITY MECHANISM OF AIIB
In addition, the AIIB has a Bank Oversight Mechanism. According to AIIB's policies, "people who believe they have been or are likely to be adversely affected by a failure of the Bank to implement the ESP may also submit complaints to the Bank's oversight mechanism in accordance with the policies and procedures to be established by the Bank for such mechanism." However, at the time of writing, it is unclear what the exact scope and function of this Oversight Mechanism will be.