12 Sep 2022

The EBRD (European Bank for Reconstruction & Development) will provide up to USD1.3bn to Egypt to assist in its transformation to renewable energy sources. The EBRD will pledge up to USD1bn for the development of renewable energy sources while assisting in the decommissioning of 5GW of natural gas power plants that are deemed inefficient. The Bank will also raise sovereign financing of up to USD300mn for a number of activities related to the green transformation, such as stabilizing the power grid, developing local renewable supply chains, and increasing battery storage. (Sources: Zawya (English) (Arabic), al-Sharq al-Awsat (English), al-Arabiya (English) (Arabic), MenaFN (English), al-Maal, al-Ahram, al-Dustour, Sky News Arabia, Euronews