EBRD promotes Egypt's transition to green energy with €1.3 billion

Heike Harmgart, SEMED Managing Director at the European Bank for Reconstruction and Development (EBRD) said that the bank is Egypt's main partner with regard to the energy axis of the "NWFE" platform, expressing her pride in this partnership, which amounts to €1.3 billion to finance transition to green and renewable energy projects within the next 5 years.

Harmgrt added that the support provided to the NWFE platform is divided into €1 billion for new wind energy projects established by the private sector, and €300 million for improving government energy networks; through long-term financing for the connection of electricity networks, battery storage and training.

She explained that this support is a prominent model for implementing the slogan “Moving from pledges to finance mitigation and adaptation projects from the repercussions of climate change,” which was launched by the Climate Conference in Egypt last November COP27.