EIB pledges €1.3B to propel Egypt's green transformation

The European Investment Bank (EIB) has pledged to support Egypt's green transformation by providing €1.3 billion in financing. The announcement was made at COP27 by the EIB representative, Kristina Kanapinskaite. The funding includes $300 million in concessional development financing for the government and €1 billion for the private sector to boost its contribution to the shift towards renewable energy. The EIB will also support Egypt's green hydrogen strategy and the country's efforts to establish energy ties with Greece, Italy, and Jordan. The announcement was made during a meeting held by the Ministry of International Cooperation to discuss innovative financing tools for implementing renewable energy projects with a capacity of 10GW as part of the Nexus of Water, Food and Energy platform (NWFE program) in anticipation of COP28. The meeting was attended by representatives from the Ministry of Electricity, the EBRD, the World Bank, Germany, the USA, and other relevant entities.