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

‘A Disgrace’: Fans React to Egypt’s Salah’s Seventh Ranking in the Ballon d’Or 2021

Egyptian Streets30 November 2021

Egyptians Ages 12 to 15 Now Eligible for COVID-19 Vaccination

Amina Zaineldine29 November 2021

Egypt Bans Flights from Seven African Countries Over New COVID-19 Variant

Egyptian Streets27 November 2021

Egypt’s President Visits West Aswan to Follow Up on Relief Efforts

Mona Bassel25 November 2021

Egyptian Actress Soheir El-Bably Passed Away Aged 86

Nadine Khaled22 November 2021

Registration for Egypt’s World Youth Forum 2022 Now Open

Egyptian Streets21 November 2021

Egypt’s Landmark ‘RiseUp Summit 2021’ Coming to the Pyramids

Marina Makary21 November 2021

Egypt’s ‘Avenue of Sphinxes’ to be Unveiled in ‘Spectacular’ Ceremony

Mona Abdou21 November 2021