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The European Bank for Reconstruction and Development (EBRD) has mobilized $2 billion to finance development projects in Egypt during 2023, said Heike Harmgart, Regional Director for the Southern and Eastern Mediterranean Region at the bank on Monday.
Harmgart’s remarks came during a meeting with Rania Al-Mashat, Minister of International Cooperation, and several representatives of international banks and institutions to follow up on the efforts to mobilize innovative tools to finance the energy axis within the NWFE.
NWFE, the Nexus of Water, Food and Energy, is Egypt’s national plan to mobilize climate finance and investments from international institutions to accelerate the country’s green transition.
Al-Mashat said that Egypt plans to transform into a regional centre for renewable energy.
During her participation in the meeting, Clemence Vidal, Director of the French Development Agency’s office in Egypt, stressed the agency’s commitment to support the NWFE and provide €100 million of financing besides a €10 million grant.
Vidal noted the EU also supports the implementation of NWFE with funding of €35 million, based on the memorandum of understanding (MOU) signed at the COP27 climate conference.
“We also express our interest in boosting the national strategy for green hydrogen, as part of the global strategy to replace fossil fuels with renewable resources,” she highlighted.
For her part, Christina Kanapetskit, representative of the European Investment Bank (EIB), added that the bank has allocated around €1.3 billion; €300 million for concessional development financing and €1 billion for the private sector, to enhance the transition to renewable energy.
In mid-October, The EBRD announced its plan to grant a €165 million loan to Egypt to upgrade the electricity transmission grid, a venture that is also aimed at reducing pollutant emissions.
The EBRD has financed 163 projects since it began operations in Egypt. Of these projects, 57 percent were directed to the private sector.
Source: Ahram Online