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European Investment Bank Signs Loan Agreement to Finance El Shabab Plant

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On February 6, 2014, the European Investment Bank (EIB) signed a loan agreement in the amount of €205 million (US$ 279.6 million) to finance the El Shabab power plant project in Egypt. The project will be co-financed by the European Bank for Reconstruction and Development (EBRD) and the Saudi Fund for Development (SFD). Funds will be used to convert an open-cycle power plant to a combined-cycle gas plant. The conversion is expected to increase efficiency and output by 50%.

EIB Vice-President Philippe de Fontaine Vive took part in the signing ceremony. “Our aim is to support the new Egypt’s social and economic transition by financing projects encouraging growth and employment,” he said at the event. “We aim to contribute to the improvement of the daily life of the Egyptian people and to the building of a future for the younger generation.”

The EIB has approved €1 billion (US$ 1.36 billion) in loans for projects in Egypt in the last two years, and has signed €637 million (US$ 868.7 million) “so far in key economic and social sectors.”

Also present at the signing ceremony was Mr. Nidal E. Assar, Deputy Governor of the Central Bank of Egypt.

According to the EIB’s website, in 2012 it lent out €52 billion (US$ 71 billion), €7 billion of which was lent out for projects outside the European Union.

CDPQ Boosts Stake in Azure Power

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Disclosed on October 17, 2018, Caisse de dépôt et placement du Québec (CDPQ), through CDPQ Infrastructures Asia Pte Ltd., increased its stake in Azure Power Global Limited, a listed Indian solar power producer. CDPQ increased its ownership in Azure Power to 40.3% ownership by a US$ 100 million commitment in a recent capital raise. Post-deal, CDPQ has invested US$ 240 million in Azure Power.

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Invesco Lost a Big SWF Equity Mandate

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Invesco celebrated its landmark acquisition to acquire OppenheimerFunds from MassMutual. Invesco faced some outflows on its active management side of the business. In the third quarter of 2018, Invesco had outflows from two sovereign wealth funds, which totaled approximately US$ 2.5 billion. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Sky News Reveals CPPIB Eyeing Gatwick Airport

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Mark Kleinman of Sky News revealed that the Canada Pension Plan Investment Board (CPPIB) is seeking to purchase a stake in Gatwick airport. The transaction could be more than £3 billion GBP, as CPPIB seeks to acquire a 42% in the airport from Global Infrastructure Partners. Furthermore, CPPIB would invest more capital into the airport if the deal goes through.

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