EBRD allocates €500m to support renewable energy in Egypt

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.

[Full article here | Photo by Safia Osman]