Egypt’s green development gets €140m boost

Three international banks are working with the EU to promote green investment in Egypt. The European Bank for Reconstruction and Development, the Agence Française de Développement, the European Investment Bank […]

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By Jonny Bairstow

Three international banks are working with the EU to promote green investment in Egypt.

The European Bank for Reconstruction and Development, the Agence Française de Développement, the European Investment Bank and the EU came together to launch the Green Economy Financing Facility (GEFF).

The €140 million (£112.36m) initiative aims to support Egyptian projects in boosting energy efficiency measures and developing renewable energy sources.

The funds are expected to help strengthen the nation’s energy security as the price of electricity continues to climb higher.

The loans are combined with technical support for projects and incentives for the successful completion of investments.

The EU has provided additional funding for the projects.

Ambassador Ivan Surkos, Head of the EU Delegation to Egypt, said: “The EU has provided a €23.8 million (£19.10m) grant through the GEFF to help dismantle the numerous barriers facing the private sector and preventing financial institutions, strategic investors and project managers from operating actively and efficiently in financing sustainable energy projects.”

A recent report suggests Egypt could have huge untapped bioenergy potential.

The country could also become home to the biggest gas-fired combined cycle power station in the world.