A $500 million (£393m) framework to finance renewable energy projects in Egypt has been approved.
It will support the development of private green projects under the government’s Feed-in Tariff programme, which aims to stimulate private investment in more than 4GW of wind and solar power.
The European Bank for Reconstruction and Development (EBRD) Board also approved 13 projects under the same framework, with a further three scheduled for discussions later this month.
The 16 plants, to be built at one large site near the village of Benban, are expected to deliver 750MW of solar capacity and cut emissions by 900,000 tonnes a year.
They will be the first private utility-scale renewable projects, according to the EBRD.
Harry Boyd-Carpenter, Director, Head of Power and Energy at the EBRD said: “This is a major milestone in our support for renewable energy in Egypt. We have been working with the Egyptian authorities since 2014 to help them fulfil their ambitious goals in this area.
“This progress is really a tribute to the Egyptian Government’s sustained commitment to making the best use of their abundant solar and wind resources to move to a more diverse and sustainable energy sector.”