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30 international and local banks prepare to finance renewable energy projects with $3bn All banks have agreed to lend to companies in the second phase of the feed-in tariff, says Youssef
Thirty international and local banks are preparing to negotiate with renewable energy projects to finance the second phase of the feed-in tariff projects with $3bn. Government sources told Daily News Egypt that the list of banks include the International Financing Corporation (IFC), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the Export-Import Bank of China, the KfW Development Bank, BNP Paribas, HSBC, and the African Development Bank (AFDB). The list also includes English, American, Norwegian, and Italian banks, as well as Arab banks, such as the National Bank of Egypt, Emirates NBD, the Commercial International Bank (CIB), the Arab African International Bank (AAIB), Banque Misr and the Al Baraka Bank of Egypt. The sources added that a number of banks had approved the financing of projects in the first stage but pulled out due to a dispute on the conditions of arbitration. After its amendment, the banks will continue to negotiate with investors. Head of the FiT Unit of the Egyptian Electricity Transmission Company (EETC) Lamia Youssef said financing institutions do not have objections to the power purchase agreement, especially after amending the arbitration condition to be at the Cairo Regional Centre for International Commercial Arbitration (CRCICA) with the potential to move arbitrations to Paris if both parties of the agreement agree. She added that all companies in the second feed-in tariff project phase have begun negotiations with financing institutions, noting that companies will provide banks' approval statements in April 2017.
