Egypt and the European Bank for Reconstruction and Development (EBRD) will sign a $60 million agreement next week to finance private projects, Investment Minister Sahar Nasr said Sunday.
The money is part of the EBRD’s $ 500 million framework to finance private renewable energy projects in the country.
The $500 million financing, approved by the EBRD’s Board of Directors on 7 June 2017, supports the development of private renewable energy projects under the Egyptian government’s feed-in-tariff programme. That programme aims to stimulate private investment in over 4 GW of wind and solar power.
The EBRD has invested €2.7 billion ($3.2 billion) in 47 projects in Egypt since it began operations there in 2012, making the country the bank’s third-biggest investment destination worldwide.