European Bank for Reconstruction and Development's (EBRD) ambitions for this year is rising and might increase its annual financial allocation to Egypt on the back of hosting the COP27 UN Climate Change Conference in Sharm El-Sheikh this November. As the bank invests €1 billion (around $1 billion) in Egypt on an annual basis, EBRD plans to finance projects aiming at supporting a green transition, said Heike Harmgart, managing director for the Southern and Eastern Mediterranean region, in a statement on Monday. "We will be financing projects that support green transformation, as the focus this year will be on green investment, in terms of supporting more renewable energy as well as environmentally friendly transportation and green cities," Harmgart explained. In May, Egypt launched its billion-dollar National Climate Change Strategy 2050 to support a stronger, greener Egyptian economy.
