A member of the World Bank Group is investing $25 million (£15.75M) to boost renewable energy in the Middle East and North Africa (MENA).

The cash, provided by the International Finance Corporation (IFC), will be used by Alcazar Energy to develop solar and wind power plants in the Middle East, Turkey and Africa. The rapid growth in electricity demand and lagging supply has resulted in power shortages across many MENA countries, stated the IFC. It expects demand for power across the region to grow by 84% by 2020.

Around $280 billion (£176.4m) of investment will be needed over the next five years to meet MENA’s growing electricity demand, it added. Alcazar Energy’s projects aim to increase power generation capacity, support economic growth and help create jobs. Mouayed Makhlouf, IFC Regional Director for MENA said: “Power shortages are a key barrier to economic growth and development across the region. By harnessing the region’s considerable renewable potential, we can increase supply of sustainable, clean energy, helping to boost economic growth and alleviate poverty.”