News

EBRD to Invest €1bn in Egyptian Development Projects in 2018

EBRD to Invest €1bn in Egyptian Development Projects in 2018

Photo credit: Andy Lane/EBRD

The European Bank for Reconstruction and Development aims to invest €1 billion in Egypt next year, the bank’s Managing Director for Equity Hassan El Khatib said, according to private newspaper al-Borsa.

The bank is currently funding 66 projects in Egypt and has assets under management of around EUR 919 million, said El Khatib.

This year, the total funds that the bank has injected into Egypt amounted to €1.2 billion, which helped fund several solar energy and development projects in addition to providing financing to local banks.

In November, the EBRD announced that it is financing 16 new solar power plants in the country with a capacity of 750 megawatts as part of its $US 500 million framework to support Egypt’s renewable energy development.

The plants are located at a solar site in the vicinity of the Benban village in Upper Egypt, which once completed will be “the largest solar site in Africa,” with a capacity of 1.8 gigawatts. The new plants are expected to reduce Egypt’s carbon dioxide emissions by 900,000 tonnes per year.

These plants “will also be the first private utility-scale renewable projects in a sector that is otherwise dominated by the use of hydrocarbons,” the bank said.

In June, the EBRD approved the $US 500 million framework to finance renewable energy projects in Egypt under the Egyptian government’s feed-in-tariff program. The program aims to encourage private investment in wind and solar power in the country.

Established in 1991 following the disintegration of the Soviet Union, the EBRD is a multilateral developmental investment bank using investments to help build market economies across the world. Initially focused on former-Soviet economies, it has since its founding expanded its operations to more than 30 countries.

Ancient Child Burials Discovered in Aswan
Salah Becomes First Egyptian Ever to Win Premier League Player of the Month Award

Subscribe to our newsletter


News

More in News

Egypt Constructs World’s Largest Solar Park

Egyptian StreetsFebruary 24, 2018

Tourists Gather to Watch Alignment of the Sun on Ramses II Statue in Aswan

Egyptian StreetsFebruary 22, 2018

Egyptian Female Wins Her Case Against a Harasser in Determination to Fight Sexual Harassment

Egyptian StreetsFebruary 22, 2018

Egypt has ‘Nothing to Hide’: Al-Sisi Comments on the $US 15 Billion Natural Gas Deal with Israel

Egyptian StreetsFebruary 22, 2018

New Zoo Established in Cairo’s International Garden in Attempt to Expand Egypt’s Green Spaces

Egyptian StreetsFebruary 21, 2018

Saudi Women to Own Businesses Without Male Consent Following a Royal Decree Allowing Women to Drive

Egyptian StreetsFebruary 21, 2018

Israel Signs $US 15 Billion Deal to Export Natural Gas to Egypt

Egyptian StreetsFebruary 20, 2018

Egyptian Court Adds Former Presidential Candidate Abdel Monem Aboul Fotouh to Terror List

Egyptian StreetsFebruary 20, 2018
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2017 Egyptian Streets. All Rights Reserved.