Egypt has signed a memorandum of understanding (MoU) with the Chinese government for the construction of a 1GW solar power park, to be built in two 500MW phases, as well as a solar panels manufacturing facility.

The MoU calls for the Chinese government to fund the solar park and factory with $3.3bn of concession financing, according to Daily News Egypt. The Ministry of Military Production and the Ministry of International Cooperation were the Egyptian signatories to the deal. (CONTINUED - 270 WORDS)