Gaza under Israeli siege as death toll mounts, famine looms    New accords on trade, security strengthen Egypt-Oman Relations    Egypt launches public-private partnership to curb c-sections, improve maternal, child health    Egypt Post discusses enhanced cooperation with Ivorian counterpart    EMRA, Elsewedy sign partnership to explore, develop phosphate reserves in Sebaiya    Opella becomes first global consumer healthcare firm to gain B Corp status    Philip Morris Misr announces new price list effective 1 July    EGX closes in red on July 1st    Gold gains as investors flee to safe havens    Egypt, Iran FMs discuss Gaza truce, nuclear talks revival    Egypt's Environment Minister calls for stronger action on desertification, climate resilience in Africa    Egypt in diplomatic push for Gaza truce, Iran-Israel de-escalation    Egypt teams up with private sector to boost university rankings    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Egypt condemns deadly terrorist attack in Niger    Egypt, Tunisia discuss boosting healthcare cooperation    Egypt's commodity reserves "very reassuring", some stocks sufficient for 9 months — trade chief    Egypt's FM, China's Wang discuss Iran-Israel escalation    Sisi launches new support initiative for families of war, terrorism victims    Egypt's GAH, Spain's Konecta discuss digital health partnership    Grand Egyptian Museum opening delayed to Q4    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Egypt discovers three New Kingdom tombs in Luxor's Dra' Abu El-Naga    Egypt launches "Memory of the City" app to document urban history    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



EBRD, Green Climate Fund team up for Egypt's $1 billion renewable energy project
Published in Amwal Al Ghad on 19 - 08 - 2017

The European Bank for Reconstruction and Development (EBRD) and the Green Climate Fund (GCF) have joined forces to make a major contribution to a $1 billion renewable energy project in Egypt.
The funding supports the Egyptian government's sustainable energy strategy, which aims to source 20 percent of Egypt's energy from low-emission renewable sources by 2022. The financing will allow independent power producers to invest in the first wave of private renewable energy production in Egypt.
Funding for this initiative, the largest contribution by GCF since it began full-scale operations, is expected to start flowing in September. This followed the signing of a funded activity agreement (FAA) between GCF and the EBRD on Thursday.
FAAs mark the last phase of legal arrangements to implement projects between GCF and its Accredited Entities, such as the EBRD. GCF currently has 54 Accredited Entities, which propose climate finance projects and implement those that are approved by the GCF Board.
The EBRD is providing $352.3 million while GCF is making a contribution of $154.7 million. Additional financing from sponsors and other co-financiers will bring the total investment in new private renewable energy generation in Egypt to $1 billion.
GCF Executive Director Howard Bamsey said that the FAA signing marks a benchmark in the way the Fund can work with its partners to pool financial resources to boost countries' mitigation and adaptation capacities.
"This FAA is just the beginning of the potential GCF and the EBRD have in combining their financial forces to drive climate action across various parts of the planet," said Bamsey.
The GCF Board has already approved three diverse projects proposed by the EBRD in addition to the Egypt initiative, Bamsey added. These include a hydropower project in Tajikistan; a water conservation project in Morocco; and a sustainable energy project covering 10 countries.
EBRD President Suma Chakrabarti said that the initiative, the nearest to implementation among the GCF-approved EBRD projects, underscores the very productive cooperation between the two organisations.
"Climate finance is crucial to the EBRD's strategy. We are aiming to dedicate 40 per cent of our annual investments to the green economy by 2020," Chakrabarti said, referring to the EBRD's Green Economy Transition policy, launched in 2015.
Suma heralded the rising prominence of the private sector as a major driving force in the current creation of a global green economy, including climate finance. "There are various financial instruments that are now coming into play," he said. "These are making the private sector become increasingly interested in climate finance."
The Green Climate Fund was established in 2010 to finance climate change projects and programmes that help developing countries adapt to climate impacts and reduce greenhouse gas emissions. It is the largest global fund with the ability to leverage the private sector in tackling climate change.
The EBRD was created in 1991, initially to support eastern European countries in making the transition to open-market economies. It has been investing in the southern and eastern Mediterranean region, which includes Egypt, since 2012.
The bank's financial support is primarily focused on the private sector, in particular on micro, small and medium-sized enterprises. It uses a range of financing instruments, mainly loans, equity investments and guarantees.


Clic here to read the story from its source.