Arab Finance: The OPEC Fund for International Development has agreed to provide a $40 million loan to Hassan Allam Utilities and Saudi renewable energy giant ACWA Power to implement a 1.1 gigawatt wind farm in the Gulf of Suez — expected to be the largest of its kind in the Middle East — at an investment cost of $1.1. Billion dollars, according to statement Issued by the Fund.
This financing is in addition to the $510 million the project has already received, including $200 million from the European Bank for Reconstruction and Development and $170 million from the African Development Bank.
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