Few places are as barren as Egypt’s Western Desert. But today, a 37-square-kilometer plot near the city of Aswan is buzzing with construction workers building what is expected to become the biggest solar installation in the world.
By 2019, the Benban Solar Park will churn out more than 1,600 megawatts of electricity — enough to power hundreds of thousands of homes and businesses. IFC spearheaded a $653 million financing package for the park — using the World Bank Group’s Maximizing Finance for Development strategy to marshal support from other Bank Group members and a consortium of nine international banks.
Modern infrastructure is essential to growth, job creation, and quality of life. It requires $3.3 trillion in investments each year — far more than the $2.5 trillion currently being spent. IFC works to bridge the gap by helping improve access to energy, transportation, and municipal infrastructure.
In fiscal year 2018, IFC invested nearly $7.4 billion in core infrastructure projects, including funds mobilized from other investors. Our clients helped generate power for more than 79 million people in countries where such improvements are desperately needed.
In India, the IFC-funded Rewa Ultra Mega Solar Park is expected to become operational in late 2018, providing the Delhi Metro Rail Corporation with 80 percent of its daytime energy. IFC provided a financing package totaling $289 million — including funds mobilized from other investors — to develop the 750-megawatt plant.
Over the past decade, IFC has provided more than $12 billion in financing for 350 urban infrastructure projects in emerging markets. In Argentina, we provided a $300 million package to finance the construction of 17 kilometers of new roads, underpasses, and bridges to complete the ring road surrounding the city of Cordoba. The project will help promote economic growth and create job opportunities.
In Turkey, we agreed to finance a new tram line in the city of Antalya. IFC will provide a €140 million financing package to the city, enabling it to add 18 kilometers of track and 29 stations to its urban rail transit system. The new tram line will carry an additional 25 million passengers every year. In Kazakhstan, we helped put together a landmark public-private partnership to build and operate the city of Almaty’s ring road, which will shorten commutes by up to an hour.
In Vietnam, we agreed to lend $15.3 million to DNP Water to help it increase access to clean water for urban households and residents in smaller cities across the country.