IFC, MIGA, IBRD support landmark solar energy plant in Gaza

The International Finance Corporation, Multilateral Investment Guarantee Agency, and International Bank for Reconstruction and Development are supporting a $12 million solar project in Gaza, the first privately financed energy project in more than a decade. The investment will help PRICO, part of the PADICO Holding, construct, operate, and maintain a 7MW rooftop solar photovoltaic power plant in Gaza.

Seventy-five per cent of the project cost will be covered by the World Bank Group, including up to $4 million from the IFC-Canada Climate Change Program. MIGA is providing critical political risk insurance.