President Abdel Fattah El Sisi issued a republican decree approving a 345-million-euro agreement with several European development partners to finance a wind farm in the Gulf of Suez.

The agreement was signed between Egypt and the European Union, the German Development Bank, the French Development Agency and the European Investment Bank on November 23, 2016.

The decree was published in the Gazette out Thursday.

Under the deal, a 200-250 megawatt wind farm will be built in the Gulf of Suez to increase power capacity based on renewable sources of energy with the aim of producing 20% of power from renewables by 2020.