EBRD allocates €500m to support renewable energy in Egypt

Delegation of EBRD board of directors to visit Egypt this week to meet Ismail and discuss ways of cooperation, say sources

Philip ter Woort, director of the European Bank for Reconstruction and Development (EBRD) in Egypt, said that the bank allocated €500m to support the renewable energy sector in Egypt.
Sahar Nasr, minister of international cooperation and EBRD governor, met with ter Woort at the ministry's headquarters to discuss the new strategy between the Egyptian government and the bank. They agreed on the need to work together to set the strategy of the bank in Egypt.
Sources told Daily News Egypt that a delegation from the EBRD's board of directors will start a visit to Egypt on Monday to discuss ways of cooperation with Prime Minister Sherif Ismail.
The meetings between the delegation and government officials would focus on discussing the bank's strategy in Egypt in the next four years, in order to invest in projects that strengthen the role of the private sector and sustainable development on the long-run, according to sources.
Ter Woort pointed out that the bank invested about €2bn in 36 projects across major sectors, including energy, renewable energy, manufacturing, transportation, agricultural industries, and utility services. The banks also cooperated in energy efficiency projects and providing work for women.
He ensured that the bank will continue to support the government's efforts to enhance the economy through establishing national projects, such as the Suez Canal Area Development Project, in addition to small- and medium-sized enterprises.
Nasr stressed that the bank's strategy must commensurate the priorities of the Egyptian people and the government's economic reform programme, which was approved by the House of Representatives.
Egypt is the third-largest country in the world in terms of the size of the support provided by the EBRD, and is expected to be the second-largest country soon.