EDITION:

Int 'l

YOU ARE NOT LOGGED IN:

Services

Help, I forgot my username and/or password

Retrieve password form

Services:

LANGUAGE:

بالعربية

World Bank set to invest $5.5bn in MENA solar power

By Shane McGinley

Sunday, 13 December 2009 10:35 AM

The World Bank has announced plans to invest more than $5.5bn in solar energy projects in the Middle East and Africa.

The bank’s Clean Technology Fund (CTF) approved financing of $750m and plans to “mobilise an additional $4.85bn from other sources, to accelerate global deployment of Concentrated Solar Power (CSP),” the lender said in a statement.

The CSP investment will be in five countries in the Middle East and North Africa: Algeria, Egypt, Jordan, Morocco, and Tunisia.

The eleven power plants are due to be operational in around three and half years.

Shamshad Akhtar, World Bank regional vice president of the Middle East and North Africa, said “This is a most strategic and significant initiative for MENA countries. The initiative would leverage energy diversification, while promoting Euro-Mediterranean integration to the benefit of MENA countries that will be able to exploit one of the major untapped sources of energy.”

The projects are expected to reduce green house gas emissions in the region by around 1.7 million tons of carbon dioxide per year.

Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

No comments yet, be the first!

Further reading

Energy Get E-Mail Alerts

World Bank Get E-Mail Alerts

Photo Galleries
Videos

Most Popular

Read
Photos
Videos
Email
Commented

Most Discussed

24 hrs
7 days
4 weeks

38
Saudi Arabia bans use of Western calendar

Given that the start of the new month is determined by the moon sighting, isn't this going to make organising meetings for the following month a bit tricky... more
Thursday, 24 May 2012 1:24 PM - Mark Renton
11
UAE officials warn against marrying foreigners

I was under the impression that an Emirati woman can not marry a non-Emirati man; only men can marry a non-Emirati women. If that is so, then I guess... more
Thursday, 24 May 2012 10:49 AM - SAM
5
Saudi prince sues city of LA over mansion spat

May be they are just afraid that the Prince will try and change the name to Arabian Wood , from Holly Wood :-) more
Thursday, 24 May 2012 1:25 PM - mobilocti
4
English football mulls champagne prize ban

Given that Alcohol has become a huge problem in Britain and especially the cheap booze that has caused binge drinking, I think Alcohol should be banned... more
Thursday, 24 May 2012 8:14 PM - Freeman
2
Qatar's Barwa to launch $4.9bn Golf City

Dear Qatar, not clever at all, non sustainable, massive carbon footprint and environmentally silly. why have you not learned from the mistakes made by... more
Thursday, 24 May 2012 8:14 PM - richard

Read all user comments »

38
Saudi Arabia bans use of Western calendar

Given that the start of the new month is determined by the moon sighting, isn't this going to make organising meetings for the following month a bit tricky... more
Thursday, 24 May 2012 1:24 PM - Mark Renton
25
Nakheel targets 'young and trendy' for Palm project

Palm Jumeirah = Disneyland. Is this the kind of community to invest in for a home ???? or a hotel ? It baffles me why people would invest in an apartment... more
Wednesday, 23 May 2012 4:13 PM - Paul
19
Iran eyes Google legal action over Gulf naming

Instead of clinging to anything that reminisces you of your obliterated past, why don't you spend sometime fixing your disgraceful and humiliating present... more
Tuesday, 22 May 2012 9:30 PM - Fahd
16
Kuwait's ruler blocks MPs' Islamic law proposal

several good points made here however democracy is about all the people and there are over 4 million people in Kuwait, Kuwaitis and expats we the expats... more
Friday, 18 May 2012 7:32 PM - james
14
Developer secures funds for Dubai theme park

Let's see what will happen and if this project will go ahead. Only time will show. What happens to the other projects? not much is going on? Are investors... more
Monday, 21 May 2012 11:49 AM - Greg

Read all user comments »

48
Brits must respect UAE culture more - diplomat

the majority of expats (as most people here argue that its a majority painting an entire nation the villain)....why are the filipinos and indians not the... more
Sunday, 20 May 2012 9:17 AM - Arthur
40
“Let's forget about 2008,” urges Nakheel chairman

HOW CAN WE FORGET 2008, WHY DID YOU NOT FORGET TO PAY ALL YOUR STAFF BONUSES LIKE YOU HAVE DONE ON THE PAST TWO OCCASIONS , YET YOU CANT COMPENSATE OR... more
Wednesday, 16 May 2012 4:51 PM - MOOSA
38
Saudi Arabia bans use of Western calendar

Given that the start of the new month is determined by the moon sighting, isn't this going to make organising meetings for the following month a bit tricky... more
Thursday, 24 May 2012 1:24 PM - Mark Renton
32
WORLD EXCLUSIVE: Selling Emirates Airline could “make sense” – vice chairman

The words one should read and think about are "it COULD make sense to sell Emirates in the future". Sir Flanagan does not say it does make sense at this... more
Thursday, 10 May 2012 11:16 AM - Paul dxb
31
Emirati driver racks up US$12,000 in fines in 5 minutes

When I first went to live in ABu Dhabi - I clicked up a couple of speeding fines during the frist year (on empty roads and certainly not tailgating - but... more
Thursday, 17 May 2012 5:45 PM - Baffy

Read all user comments »